Lloyd’s Plc (LON:LLOY) has continued its ongoing commitment to developing key infrastructure projects in the North East this week, after providing a £90m funding package to Middlesbrough-based PD Ports.
The funding package is to be used to support an ongoing capital expenditure programme to expand and develop its ports and logistics assets. The investment news does not seem to have bolstered Lloyds shares as expected, with the value currently standing at 60.24p, down 0.90% as of 11.08 BST.
Investment intended to future proof PD Ports
The recipient of the investment, PD Ports, is one of the country’s most significant port operators. The company owns and operates Teesport, which processed 500,000 units in 2017 and handles approximately 4,100 vessels each year.
Alison Smith, business development director at Lloyds Bank, commented: "This £90m funding package will enable PD Ports to future-proof its offering and ensure that it can continue to offer outstanding port and logistics services to businesses in the North East and across the United Kingdom.” as reported in North East Business Insider.
The ongoing partnership with the company is only the most recent in a series of landmark North East infrastructure deals supported by Lloyds Bank. These investments have included leading the £700m financing of the 299MW MGT Teesside biomass power station, this site being situated on PD Ports’ land.