Bank announces £50 million commitment to Port of Tyne regeneration and expansion, boosting regional growth in the North East
Bank announces £50 million commitment to Port of Tyne regeneration and expansion, boosting regional growth in the North East
04 June 2023
The UK Infrastructure Bank is to help boost local and regional growth across the North East by committing up to £50 million to the Port of Tyne’s regeneration and expansion plans.
The Bank’s financing will enable the regeneration and redevelopment of the land that will provide a base for the growing number of green industries in the area, including offshore wind, which supports the UK’s transition to net zero and long-term energy security ambitions.
The regeneration and redevelopment projects will help the Port move towards a cleaner and greener future. As one of the largest employers in the region, the Port provides 12,000 jobs, and UKIB’s financing will help ensure these jobs continue to be supported.
UKIB’s investment will help the Port deliver its ‘Tyne 2050’ strategic plan to become net zero by 2030, and position the River Tyne as a gateway for both regional and maritime transformation, fully aligned to the Government’s Maritime 2050 strategy and the North East Economic plan.
John Flint, CEO of UK Infrastructure Bank, said:
"Renewable energy is key to helping the UK deliver on its net zero target and securing long-term energy security. The UK’s offshore wind sector provides a major opportunity for regional and local economic growth and this investment will enable the Port to accelerate its expansion plans, supporting the green transition and creating high skilled jobs across the North East.
"If we are to deliver on our net zero ambitions, we must reimagine, repurpose and reinvent our old industrial heartlands and the Port of Tyne re-generation and expansion projects are a prime example of how to do this."
Minister for Investment Lord Johnson said:
"Regenerating the Port of Tyne will not only help the UK cement its role as a global leader in clean energy technology, but will be essential for levelling up the North East with high skilled, green jobs and local economic growth.
"The UK Infrastructure Bank has become an integral part of this country’s net zero ambitions, delivering new and innovative ways to achieve sustainable growth."
Matt Beeton, Port of Tyne CEO said:
"The Port of Tyne is the catalyst for the North East’s green economy and essential in supporting the UK in the green energy and the automotive transition. This investment will help us accelerate our internationally ambitious plans to ensure the port, the region and the UK have a firm foothold in these critical markets for generations to come."