The port of Townsville in Australia has secured a AUD75 million (USD53 million) contribution towards its channel widening project from the federal government.
The grant means that the AUD193 million (USD138.5 million) channel upgrade can now begin.
The port will contribute AUD43 million (USD30.8 million) towards the project, while the Queensland government has confirmed a AUD75 million funding commitment.
The project involves the widening of the shipping channels to accommodate larger vessels and is the first stage of the port’s AUD1.64 billion (USD1.14 billion) 30-year development plan.
Renita Garard, chair of the port of Townsville, said: “Having certainty that the port can accept larger ships is a catalyst to attract and retain investment into the region.”