Agreement on funding Rotterdam port expansion

The State, the municipality of Rotterdam and Port of Rotterdam have today concluded an agreement on financing for the construction of Maasvlakte 2, the plan to expand the port of Rotterdam. The construction of Maasvlakte 2 will cost EUR 2.575 billion. According to the agreement, the State will take a 33.3 percent interest in Port of Rotterdam as of 1-1-2006. Port of Rotterdam CEO Willem Scholten: "This a an extremely important agreement. The expansion will give businesses the opportunity to grow in Rotterdam. Maasvlakte 2 will be an excellent location. Right on the sea, and with good hinterland connections. Construction can start in 2006 and the first sites will be available for clients in 2010. That will be in time - in conjunction with the current increase in capacity on Maasvlakte 1 - to accommodate the ongoing growth in Rotterdam." Maasvlakte 2 will be constructed in the North Sea, immediately to the west of the current Rotterdam port area. It consists of 1000 ha of commercial sites, for container handling, chemicals and distribution. Maasvlakte 2 will be able to welcome the largest of ships, whatever the circumstances. With this expansion, the Rotterdam port area will be enlarged with 20 per cent. The Port of Rotterdam CEO is also enthusiastic about state participation in Port of Rotterdam: "This participation by the State is a sign of the port's national importance", according to Willem Scholten. The State will take a 33.3 percent share, by acquiring newly issued stocks to the value of EUR 500 million. The municipality of Rotterdam will retain the remaining 66.7 percent. Maasvlakte 2 is part of Rotterdam Mainport Development Project. The aim of this project is to improve both the economy and the quality of life in the Rotterdam region. The two other components are the creation of a new 750 ha area around Rotterdam, devoted to nature and recreation, and a number of projects geared to making more intensive use of the existing space in Rotterdam's port area. In the agreement, the State, the Municipality of Rotterdam, the Province of South-Holland, Rotterdam Metropolitan Area and Port of Rotterdam have reached an understanding on how all three projects will be financed. Investments in the new nature and recreation area, the projects in the existing port area and the compensation for damage to nature caused by the construction of Maasvlakte 2 total almost EUR 500 million.