The Minister for the Marine and Natural Resources, Dr Woods, has announced a £3.2 million investment in Waterford Port and details of its new board of directors.

The funds are part of the total monies pledged to the port by the Government over a five-year period plus a one-off £2 million injection to prepare it to become a semi-State company.

"Waterford Port will take its rightful place as Ireland's ninth State port company on January 11th 1999. It will become a fully-fledged semi-State company in what I believe will be the most significant day in the history of the port," the Minister said.