Bank announces £50m commitment to Port of Tyne boosting regional growth in the North East

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 UK government’s Maritime 2050 strategy and the North East Economic plan.

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