Rotterdam Port’s Euro 3 b expansion plans get EIB loan approval

AMSTERDAM (Reuters): The Port of Rotterdam, Europe’s biggest, said it had secured a 900 million euro loan with the European Investment Bank to fund the expansion of the port area by 20 percent.

A 30-year loan will be used to finance part of a 3 billion euro land reclamation project, Maasvlakte 2, that will expand the port area to 12,000 hectares from 10,000 hectares.

“The volume of this loan together with its very long duration makes it the cornerstone of our investment financing,” CEO Hans Smits said in the statement.

“Our projects are business case based, but it takes a long time to reach break-even points for this kind of investment.”

Rotterdam is a major transit point for commodities, including oil and grains, and manufactured goods. It is also the biggest port for iron ore for the German blast furnaces in the Ruhr region which supply the German auto industry.

The port and industrial complex employs around 90,000 people. Once fully operational, Maasvlakte 2 will directly add another 6,000 jobs.

The number of ships moving to and from Rotterdam will increase after the construction of Maasvlakte 2. The number of ocean-going vessels visiting the Rotterdam port is expected to increase from 31,000 in 2006 to a maximum of 57,000 in 2033.