Posted on January 3, 2024
The Port of New Orleans (Port NOLA) will receive $73.77 million from the federal government to assist in building the Louisiana International Terminal (LIT) project, which will provide an efficient gateway for the movement of cargo on the Mississippi River and the inland waterways of the United States, port officials announced last week.
The U.S. Department of Transportation has alerted Congress that it intends to award the funding through the Mega Grant Program, which will support the first phase of the overall $1.8 billion project’s construction and is in addition to funding commitments from private industry partners and Port NOLA, port officials said in a press release.
The new state-of-the-art container terminal in Violet, Louisiana, will eliminate air-draft restrictions that limit the size of vessels that can currently call on the port. LIT will serve vessels of all sizes, which will increase Louisiana’s import and export capacity while also fostering strategic inland growth, port officials said.
The terminal will be built through a public-private partnership between Port NOLA and two private terminal operators. New Jersey-based Ports America, one of North America’s largest marine terminal operators, and Geneva, Switzerland-based Mediterranean Shipping Co., through its terminal development and investment arm Terminal Investment Limited (TiL), have committed $800 million toward the project.
Additionally, Louisiana lawmakers have already provided nearly $30 million toward early development costs for the LIT project, currently in the federal permitting and design process. The state also committed $50 million for the design of the St. Bernard Transportation Corridor that will connect the terminal to the interstate system, delivering a road that has been sought for years by St. Bernard Parish leaders and residents.