LIVERPOOL’S new £210m River Mersey terminal is set to go ahead, after port bosses secured vital investment to dredge the Mersey.

Sefton Council has won conditional backing from the Government’s regional growth fund (RGF) – to pay for the deepening of the river bed by 52ft. The multi-million pound award – believed to be in the region of £30m – will pave the way for Peel Ports to build its new “in river” terminal.

The development will allow huge post-Panamax vessels to berth which are currently unable to access the river or the lock system at Seaforth due to a lack of depth.

It is hoped the new terminal will be operational from 2014.

Dredging work is expected to get under way once a due diligence process is complete.

Lord Heseltine confirmed that the Department of Business, Innovation and Skills (BIS) has made a conditional offer to support the transformation of the port through the RGF on his latest visit to the city.

His recent report into the regional economy, co-authored by Sir Terry Leahy, outlined the importance of the Port of Liverpool on a local and national level.

Last night, a Peel Ports Mersey spokesman said the company was unable to comment at this stage as the bid was still subject to full approval.

The company will now work with the Government and Sefton to turn it into an unconditional offer.

This due diligence process with BIS will ensure the project can be delivered.