The Port of Tallinn has signed a 40m ($50.7m) loan agreement with the European Investment Bank (EIB) on what port spokesperson Sven Ratassepp described to Port Strategy as “highly favourable rates” and hopes to have additional funding in place by the end of the second quarter. The money will help finance part of the initial phase of the expansion work, which consists of land reclamation, as well as part of the second phase.
In all, works at the Port of Tallinn have an estimated cost of 80m ($101.5m), of which 55m ($69.8m) is for expanding container handling facilities in Muuga harbour and 25m ($31.7m) is to build new dry bulk quays in Paldiski South harbour.
Ningbo Port is collaborating on the project, with Mr Ratassepp stating that the two partners have a mutual interest in attracting Chinese shipping lines to Muuga, which serves 200m consumers in North West Russia, as well as those in the Baltic States and parts of Scandinavia.
In all, works at the Port of Tallinn have an estimated cost of 80m ($101.5m), of which 55m ($69.8m) is for expanding container handling facilities in Muuga harbour and 25m ($31.7m) is to build new dry bulk quays in Paldiski South harbour.
Ningbo Port is collaborating on the project, with Mr Ratassepp stating that the two partners have a mutual interest in attracting Chinese shipping lines to Muuga, which serves 200m consumers in North West Russia, as well as those in the Baltic States and parts of Scandinavia.