NEW YORK The Georgia legislature has approved $35 million in additional funding to deepen the Savannah Harbor, the Georgia Ports Authority said in a statement March 20.
Including the new funding, Georgia has allocated $266 million to the Savannah Harbor expansion project, which will deepen the harbor to 47 feet from 42 feet to accommodate super-sized container vessels traversing the Panama Canal following the completion of its expansion in 2015.
The funding, which was proposed by Gov. Nathan Deal, awaits the governors signature.
A U.S. Army Corps of Engineers study said the expansion project will reduce shipping costs for private companies by $174 million per year, according to the Georgia Ports Authority.