The Swedish Ministry of Infrastructure has agreed to cover approx. one-third of the costs of deepening the Port of Gothenburg's fairway - from the current 13.5 m to 16 m.

The project is estimated to come with a price tag of around SEK4.0b (ca. €390m), of which SEK1.25b will be provided by the government and SEK2.0b by the port authority. Half of the project's expenses will go to water-based improvements and the remaining half will be spent on quay reinforcement.

"Having received the decision in black and white, we can now set about the task of securing the remainder of the financing. We are already discussing a number of options. With the financial foundation now in place, we can look ahead to drawing up a declaration of intent with the other parties to ensure the planning process can commence," Magnus Kårestedt, Chief Executive, Gothenburg Port Authority, said.

The deepening project is chiefly targeted at making it possible for bigger container vessels, and with a higher payload, to berth at the container terminal in Gothenburg.