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KfW IPEX-Bank participates in PPP financing for sea lock IJmuiden near Amsterdam
Frankfurt am Main (ots) -
- New construction of the sea lock at the entry to the port of Amsterdam - Major European infrastructure project - Bank club: KfW IPEX-Bank participates in financing together with six other banks in a public-private partnership (PPP)
KfW IPEX-Bank in cooperation with five other commercial banks and the European Investment Bank is financing the construction and maintenance of a new sea lock in IJmuiden/Netherlands. The new lock is to replace the "Noordersluis", which since its erection in 1929 provides ocean-going vessels access from the North Sea via the North Sea Canal to the port of Amsterdam, which itself is not located at the coast. The formerly biggest lock in the world is now technologically outdated and too small to accommodate increasingly larger ships.
As part of a complex PPP financing structure, the banks including KfW IPEX-Bank are together providing funds of around EUR 500 million for the flagship project. Given a concession period of 30 years (4 years construction period and 26 years maintenance), the loans will be repaid during the 26-year operating phase.
The project is part of the Dutch Locks programme and belongs to the Trans-European Network (TEN), which is supported by the European Union. When its construction is completed, which is planned for 2019, the new lock will again be among the world's largest, with a length of 500 metres, a width of 70 metres and a depth of 18 metres.
"We are pleased to be able to contribute to financing this impressive project," Christian K. Murach, member of the Management Board of KfW IPEX-Bank, commented on the transaction. "In contrast to Germany, PPP is a frequent and successful financing option with a proven track record for major public infrastructure projects in the Netherlands and also other European countries. This instrument allows making optimal use of private investor liquidity to renew and expand public infrastructure."
With its financing commitment, KfW IPEX-Bank is supporting a consortium comprising the two Dutch construction companies Royal BAM Group and Volker Wessels as well as financial investors DIF and PGGM, which won the international bidding procedure, commissioned by Rijkswaterstaat, the Dutch waterway and road authority.
Supporting PPP projects aimed at the expansion and maintenance of social and economic infrastructure in Germany and Europe is part of KfW IPEX-Bank's core business. KfW IPEX-Bank financed numerous PPP projects over the past years that were realised in Germany as well as in other European countries such as France, the UK and the Netherlands.
About KfW IPEX-Bank GmbH
Within the KfW Group, KfW IPEX-Bank is responsible for international project and export finance. Its function of providing financing to boost the German and European economy is derived from the legal mandate assigned to KfW. It offers medium- and long-term financing to support key export industries, to develop economic and social infrastructure and to fund environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling KfW's promotional mission. It is represented in the most important economic and financial centres across the globe.
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