Major Humber employer Associated British Ports (ABP) has secured a £300m financing package to drive expansion plans expected to generate hundreds of jobs. ABP, Britain's largest port operator with 21 locations, directly employs 1,200 people at its Humber ports—Hull, Goole, Grimsby, and Immingham—while supporting 33,000 jobs across its supply chain.
National Wealth Fund Commitment
The operator has secured a £200m commitment from the National Wealth Fund to support a substantial infrastructure programme. The proposals aim to underpin growth, increase employment, bolster local supply chains, and create opportunities for business investment in coastal and industrial communities.
Additional Financing from Private Banks
The Fund's commitment is complemented by financing from a consortium of private sector banks, led by Bank of America, along with Lloyds and NatWest, forming a complete £300m package. This backing enables ABP to accelerate work on several major projects, including developments in the Humber region.
Qualifying projects include a new freight ferry terminal at Immingham, enhancements to the Port of Lowestoft for offshore wind operations, infrastructure at the Port of Ipswich for the Sizewell C supply chain, and development of Solent Gateway.
Job Creation and Economic Impact
While the exact number of jobs at Immingham is undisclosed, the overall programme will support and create more than 700 jobs. The National Wealth Fund and UK Government highlighted ports as a priority investment area, emphasising their role in strengthening trading capabilities, supporting essential industries, and facilitating the clean energy transition.
Henrik L. Pedersen, CEO of ABP, said: "Associated British Ports is delighted to partner with the National Wealth Fund on this ground-breaking commitment. The Fund's strategic ambitions and long-term thinking make it uniquely positioned to support ABP's infrastructure investment programme. I also thank Bank of America, Lloyds, and NatWest for their ongoing support. The projects reflect ABP's twin missions: Keeping Britain Trading and Enabling the Energy Transition, unlocking growth and boosting jobs in coastal communities."
Oliver Holbourn, CEO of the National Wealth Fund, added: "One of our core ambitions is to accelerate investment and regeneration in UK regions. This commitment is about unlocking the long-term potential of places that have powered the UK economy for generations. By backing ABP's programme, our capital helps create conditions for new businesses to invest, local supply chains to grow, and communities to benefit from skilled jobs and cleaner industry."
Karen Fang, Global Head of Infrastructure and Sustainable Finance at Bank of America, said: "Supporting ABP through this financing demonstrates the role of strategic finance in port modernisation, strengthening regional supply chains, and accelerating the transition to a sustainable industrial base."
The Humber ports process £75bn of trade annually, handling diverse cargo including energy, vehicles, containers, and forest products. Immingham is the UK's largest port by volume, while Hull hosts the £310m Green Port Hull facility.
Maritime Minister Keir Mather said: "Ports are the lifeblood of our economy—they keep us connected, trading, and moving. I'm proud of this £200m investment in ABP, which will deliver major infrastructure, jobs, and economic growth for coastal communities across the country."
