Treasury bonds are issued for the Port of Gdynia Authority S.A. (PGA) to secure funds for the Outer Port Gdynia construction project, funding to be invested in building the access infrastructure in the form of breakwaters.
The Port of Gdynia Authority S.A. formally launched a procedure to select a private partner for the “Construction of the Outer Port in the Port of Gdynia” project. The deadline for submitting applications for admission to the qualification procedure is scheduled for January 15, 2021.
The project is a strategic investment of the Port of Gdynia Authority S.A., and is enlisted in the Polish government’s Seaports Development Program. It will consist of the construction of a new deep-water container terminal with an annual transshipment capacity of 2.5 million TEU, a new facility will allow Baltmax size container ships to call the Port of Gdynia. The Outer Port project is being prepared as a Public-Private Partnership.
According to the port, the private partner must be a world-class operator that will be able to attract cargo trade to the Port of Gdynia – Maciej Ziomek, Associate Partner at EY Transaction Advisory Services Transport & Infrastructure Sectors Leader. According to the “public-private partnership development policy” adopted by the Polish Government, the Port of Gdynia Authority, intends to carry out its strategic investment increasing the port’s cargo handling potential and boosting its competitive position in the Baltic Sea.
Subsequent investment stages could not happen without port-related legislative support. In the 2019, the special act on the outer ports had been developed. It creates more favorable law environment for the project, as it helps to ease some of necessary administrative decisions.
Parallel to the Outer Port project, PGA will develop the project related to the new breakwaters of the Port of Gdynia. In October 2020, creation of the breakwaters was included in the special act, as an investment, that will help prevent the country’s economy from the impact of the covid19 pandemic. Funds of 670 million PLN ($182 million) are provided for the PGA, which means PGA will be able to ensure the necessary access infrastructure for the Outer Port. The financing procedure is currently under way.
In addition, land access infrastructure is currently being developed by Polish State Railways.
The total outlay of the project is estimated at more than $1Bm and the project is scheduled for completion by 2028.
