#Expansion - The Port of Cork is set to gain €30m from the European Investment Bank (EIB) to development the country's biggest natural harbour.

The project, with the Port of Cork as borrower, is currently going through an appraisal process with funding expected to be formally signed off later this year.

It will support an expansion of the Port of Cork's deep-water port in Ringaskiddy, which is expected to cost €88m in total. "The EIB expects to support the project later this year and this follows a €100m loan to the Port of Dublin agreed last December," a spokesman for the European Union's bank said.

For more see yesterday's Irish Independent here.