Port NOLA will receive $73.77 million from the federal government to assist in building the Louisiana International Terminal project, which will provide an efficient gateway for the movement of cargo on the Mississippi River and the inland waterways of the U.S., reports Biz New Orleans.
The U.S. Department of Transportation has alerted Congress that it intends to award this funding through its MEGA Grant Program, which will support the first phase of the overall $1.8 billion project’s construction and is in addition to significant funding commitments from private industry partners and Port NOLA.
The new container terminal in Violet will eliminate air-draft restrictions that limit the size of vessels that can currently call on the Port of New Orleans. LIT will serve vessels of all sizes, dramatically increasing Louisiana’s import and export capacity while also fostering strategic inland growth. Read more.