Georgia Gov. Nathan Deal will seek an additional $50 million in funding for the Savannah harbor expansion project as part of the state’s fiscal 2014 budget.

Deal, who made the announcement recently at a Georgia Ports Authority meeting, did not specifically say if the funding would come from bond financing.

The state has already contributed bond funding to the harbor-deepening project in recent years.

“I am committed to allocating funds and time to this pivotal link in our logistics network,” the Republican governor said. “Expanding the Savannah Harbor is vital to our renewed economic growth and plays an integral role in helping make our state the No. 1 place in the nation in which to do business.”

If approved, the proposal will increase state funding for the deepening project to $231.1 million.

The total cost of the project is estimated to be $652 million.

Federal approval of the project was received in October, but Congress has not allocated its share of funds. Construction on the project could begin in 2013.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.