Green Light for Maasvlakte 2
A decade of uncertainty has ended for the Port of Rotterdam, with the Dutch Government finally agreeing to provide funds for the construction of Maasvlakte 2, a major land reclamation project in the North Sea immediately to the west of the current Rotterdam port area.
The Dutch Government will put up ?726 million towards the estimated ?2.57 billion cost of the project and will, in return receive a one third stake in the Port of Rotterdam as of 1 January 2006. The Municipality of Rotterdam will retain a controlling two thirds interest.
Maasvlakte 2 is a key component of the Rotterdam Mainport Development Project, aimed at improving both the economy and the quality of life in the Rotterdam region. The other two components are the creation of a new 750 hectare area devoted to nature and recreation as well as a number of projects geared to making more intensive use of 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 the Port of Rotterdam reached an understanding of how all three projects will be financed. Investment in the new nature and recreation area, projects in the existing port area, and compensation for damage to nature caused by the construction of Massvlakte 2 will total some ?500 million.
MJ Information No: 19611
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