UKIB makes port investment

The UK Infrastructure Bank (UKIB) has agreed to invest up to £50m in plans to expand and regenerate a port in the North East of England.

Credit: Port of Tyne

Under the plans, the Port of Tyne is looking to boost its ability to host a growing number of green industries in the area, including offshore wind.

The UKIB 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.

“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,” said UKIB chief executive, John Flint.

“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 regeneration and expansion projects are a prime example of how to do this.”