Since the 1970s and the discovery of North Sea oil and gas, MPA has provided support, logistics and services to the energy and general cargo industries. This latest funding will allow the Port Authority to continue its ambitious growth project, which has already received £1.5m in Scottish Government investment.

The Bank’s support comes as work continues to enhance the Port’s capacity, increasing the maximum potential size of berthing vessels from 12,000 to 18,000 deadweight tonnage.

Central to MPA’s masterplan is its objective to deliver efficient, cost-effective and environmentally-friendly solutions. Reflecting this, the redevelopment is due to result in significant environmental benefits, removing an estimated 1.26m tonnes of freight from roads and 86,000 HGV lorry journeys.

Nik Scott-Gray, chief executive at Montrose Port Authority, said: “The Port’s quayside redevelopment is a fundamental element of our master plan and growth strategy process. Due to be completed by summer 2019, this work will enable us to accommodate larger vessels and encourage environmentally friendly modes of transport.

“By directing investment towards key infrastructure projects, we are building upon our current oil and gas, general cargo and recent cruise ship activity, and continue to contribute substantially to the economic growth of the surrounding area, as well as that of Scotland as a whole.”

Ken Anderson, relationship manager at Royal Bank of Scotland, said: “Montrose Port Authority is a key success story for the north east economy, and its most recent tranche of investment will ensure it continues to thrive and meet ongoing demand for crucial North Sea oil, renewables, decommissioning and other commercial shipping sectors.

“We look forward to seeing the renovation of the Port’s berths, which will enable the Port to remain competitive, and allow the regional economy to continue on its upwards trajectory by supporting hundreds of jobs both directly and indirectly.”