Merseyside terminal Liverpool 2 obtains major EIB port development loan

THE European Investment Bank (EIB) has agreed to finance almost half the GBP305 million (US$477.5 million) costs required to develop the Liverpool 2 post-Panamax terminal, which is due to open in 2015.

The terminal will be able to accommodate two large ships with capacities of over 13,500 TEU at the same time, compared to the current limit of 3,500 TEU in Liverpool, reports BBC News.

Peel Ports, the owner of the terminal, which is part of a 20-year plan to transform the Port of Liverpool, would hope to reduce the need for road and rail transport once in full operation.

Geoff Muirhead, chairman of the Atlantic Gateway, a Peel group sponsored lobby to develop the Mersey and Manchester Ship Canal, said: "This follows hard on the heels of the government's approval for construction of the Northern Hub Rail Improvement Project. These two schemes mark a successful start to lever economic benefit across the North West."