Funding has been completed to build what is being billed as the world’s biggest sea lock complex at IJmuiden.

The current system, used by ships heading up the North Sea canal to Amsterdam, dates from 1929 and the new lock will allow bigger freight and cruise ships to reach the Dutch capital, its supporters say.

The new lock will be 70 metres wide, 500 metres long and 18 metres deep and should be completed by 2019. This means it is just two metres wider than the sea lock at Antwerp port, the Parool says on Tuesday afternoon.

The contract for the construction and maintenance is valued at around €500m. The tender process was won in July by a consortium made up of BAM-PGGM, VolkerWessels and investment group DIF. The European Investment Bank has also lent money to the project.