The Port of Tyne said it secured a £60 million refinancing package from Lloyds Bank Commercial Banking to support its investment programme.

The five-year agreement, which comprises a £30 million revolving credit facility and a £30 million term loan, provides the port with capital to develop a number of major infrastructure projects.

This is the latest in a series of landmark North East infrastructure deals supported by Lloyds Bank, which includes leading the financing of the 299MW MGT Teesside power station.

The Port of Tyne, which contributes £690 million to the North East economy, occupies a 250-hectare site on the River Tyne and is the second largest car exporting port in the UK.

The port also handles a diverse range of cargoes including containers, commodities, manufactured and retail goods, renewables and offshore services.

Port of Tyne chief financial officer Mark Stoner said: “The Port of Tyne is a major gateway to the North, thanks to its multimodal connectivity by sea, road and rail, which gives customers easy access to markets across the UK and around the world.

“The region’s economy is reliant on the success of the port, which is why we reinvest all profits back into the business.  

“As a self-financing organisation, this approach is essential to future growth – for us and for the businesses we work with in the North East and beyond.

“This partnership with Lloyds Bank will help us retain our position as one of the UK’s most innovative and efficient deep-sea ports.”

Alison Smith, business development director in large corporates at Lloyds Bank, added: “The Port of Tyne operates a vital trading gateway to worldwide markets, making it a hugely important asset to the regional economy.

“We look forward to working closely with the Port of Tyne over the coming weeks, months and years.

“Supporting the North East’s infrastructure goes hand in hand with our commitment to helping Britain prosper.”

Lloyds Bank has committed to lending up to £700 million this year to firms across the North East.