Falkland Islands secures £150 million for new port

The Falkland Islands Government (FIG) has secured £150 million for investment in major projects, including a new port set to be built by 2027. This funding was facilitated by Rothschild & Co, a leading financial services group. Of the total amount, £100 million comes from L&G and £50 million from Aberdeen Group PLC. The funding agreement includes competitive terms, such as fixed-rate interest and repayment over 25 years, with the first payment due in 2040. Roger Spink, a member of the Legislative Assembly, expressed his satisfaction with the investment. He noted it reflects confidence in the islands' financial situation and is vital for several infrastructure projects, including a new power station and the replacement of the existing port facility. Steve Bolton from L&G stated that the funding will support essential infrastructure development in the Falkland Islands. Andrew Dennis from Aberdeen shared his enthusiasm for helping the FIG with its capital program. Originally, the new port was to be built by Harland & Wolff, the company that built the current port facility. Harland & Wolff was chosen in March 2023 after a competitive process, with plans to start work in 2024. However, FIG has now decided to stop further contract negotiations with the company regarding this project.