I raise this matter in order to ask the Minister to get Government agreement to underwrite a loan from the banks for Waterford Harbour Commissioners to the extent of £9.6 million to assist in the construction of a new container port at Bellview in Waterford Harbour. The estimated cost of this project is £17.1 million. The harbour commissioners have already got approval for a grant from Brussels to the extent of £7.5 million but need an additional £9.6 million to set about building this project.
The people of Waterford are outraged that in the late seventies and early eighties the port of Cork got grants totalling £30 million directly from the Government for various developments in that port. Waterford Harbour Commissioners are not seeking grant-aid directly from the Government, they are merely asking the Government to guarantee borrowings from the banks who are loathe to give the money without a Government guarantee.
The construction of this new container port is necessary as Waterford port is the largest container traffic unit in the country. At present it handles 30 per cent of all container traffic. In spite of this it is operating to a degree of 50 per cent over capacity; it is in operation 24 hours a day, seven days a week, 364 days of the year. It needs this additional facility to satisfy its customers. A good deal of custom has to be turned away because of the inadequacy of the present facility. I am asking the Minister to encourage the Government to agree to underwrite — we are not looking for money — this loan so that work can begin on this badly needed project which is about three miles downstream from the main Waterford port. It would not be an asset just for Waterford — but for the nation. It would also make access costs to this country much cheaper. Therefore, it would be a major boon to industrialists as well as the port of Waterford.
