Ystad Gets EIB Loan for Port Expansion
- Business & Finance
The European Investment Bank (EIB) has signed a SEK 445 million (USD 46 million) loan agreement with the Swedish Municipality of Ystad in an effort to enable the Port of Ystad to accommodate climate-friendly vessels.
As explained, the financing will be used to expand the quays to accommodate new, more environmentally friendly LNG vessels of over 240 meters in length, which will start operating next year.
Specifically, the project aims at increasing the capacity and upgrading the Port of Ystad facilities in order to accommodate larger roll-on/roll-off passenger (RoPax) vessels.
Works include the construction of two new, deeper, ferry berths at a new pier located in the outer port basin, with associated facilities in reclaimed areas located to the east of the new berths. It also consists of dredging works in the existing outer basin of the port, the construction of a new breakwater south of the existing eastern breakwater, with a new reclaimed platform for future port activities expansion and the extension of the breakwater at the western part of the port.
The project is expected to improve the climate performance of the port. Measures undertaken in this sense include the improvement of on-shore power supply for berthed vessels and a reduction of emissions by maneuvering vessels due to easier berthing, according to EIB.
“Ystad is a key connection point for tourism and transport in Sweden,” Thomas Östros, EIB Vice President, commented.
“As the climate bank of the EU, the EIB wants to provide finance to projects that seek to reduce the environmental impact of their operations, while keeping business going and stimulating sustainable growth and job creation. This project is spot on in all of those senses.”
”With this investment, Port of Ystad will soon be well prepared to further consolidate its position as the third largest ferry passenger port in Sweden. Now, in an even more environmentally friendly way,” Björn Boström, CEO of Port of Ystad, added.
The port in the southern-Swedish town is a busy connection point to the Polish Port of Swinoujscie and the Danish island of Bornholm.