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

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

The port, which contributes £690m 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.