The Port of Dover's future as a trust port has been secured as its application for more powers is granted.

The Marine Management Organisation passed the port's Harbour Revision Order just four months after the application was made in June.

The order will allow the board to enter joint ventures and borrow against its assets.

Chairman of the port, George Jenkins, said: "The Board are delighted that the future of the Port of Dover as a trust port has been secured, allowing us to play a bigger part than ever in the regeneration of Dover.

"Unlocking the potential of the organisation to deliver for its customers and community in a way not possible before, the port has received what has to be seen as a huge vote of confidence in the shared vision and organisational approach being developed by the team at Dover.

“We are building momentum. We are already moving forward on a clear timetable to deliver the first ever community director of Dover Harbour Board. We are establishing a new community fund for Dover with £250,000 now committed to launch it. This decision will reinforce our delivery."

Chief Executive,Tim Waggott, said:“This empowering decision arrives just four months after the initial application was made. Such a swift approval, in record time, comes only days after we announced the biggest ever single investment in Dover, the £120 million Phase 1 of Dover Western Docks Revival. This means we now have the necessary powers to progress the project, delivering over 600 new jobs for Dover and transforming the waterfront to be the catalyst for Dover’s wider regeneration.

"We look set to deliver a record traffic performance in 2014. Moving forward with major investments in the Eastern Docks Ferry Terminal whilst providing excellent customer service demonstrates how the Port of Dover and its ferry operator partners are maximising our contribution to the local Community, East Kent and the Nation.

"I would like to pay tribute to my team for their hard work and also to thank all at the Department for Transport and our local MP, Charlie Elphicke, for their help, support and encouragement. I also salute our customers and community who have supported us hugely in our quest. This is a proud and exciting time to be associated with Dover and its Port.

“These are new and uncharted waters for us all, but I believe we are entering a period of time that will go down in the history books as the start of a golden age if we all continue to support each other and work together to deliver for Dover.”