State agency to invest in port cranes

PROVIDENCE, R.I. (AP) -- Rhode Island's economic development agency has agreed to help the Port of Providence purchase two barge-based cranes, and key investment officials say will modernize the port's facilities.

The state's Economic Development Corp. approved an agreement Monday night that will match a $10.5 million federal grant for the cranes.

Gov. Lincoln Chafee hailed the state's investment, which he says will lead to expanded operations at Providence's port. He says the cranes will help increase container ship activity and create more jobs at the city's waterfront.

The Port of Providence is managed by ProvPort, a nonprofit public-private partnership. In 2008, cargo at the waterfront exceeded 3.1 million tons, making Providence's port the second busiest in New England after Boston.