The European Investment Bank (EIB) is holding separate negotiations with Hutchison and Cosco in order to seek out ways of funding their investments in the ports of Thessaloniki and Piraeus, Themis Kouvarakis, the bank's lending director told reporters in Luxembourg on Tuesday.
Kouvarakis said the essential part of negotiations between EIB and the future managers of the cargo terminals in Thessaloniki and Piraeus was not expected to begin before the start of 2009, after the Greek Parliament ratified the management contracts.
The European Investment Bank, the EU's investment arm, has signed a 100-mln-euro contract with the Thessaloniki Port Authorities to co-fund - by 50 pct -- a project to expand the port's sixth pier, a contract likely to be annulled since Hutchison's investment plan more than covers the value of the contract.
The investment bank has also paid more than 100 million euros for works on a project to build a metro rail system in Thessaloniki. Kouvarakis said that under the plan, the metro system would be ready in 2012.
The European Investment Bank is seeking to expand its activities in Greece, Kouvarakis said, adding that its lending portfolio totaled 5.4 billion euros in the period 2003-2007 and expects to hand-our another 1.1 billion euros this year.
EIB has already signed partnership agreements with four Greek banks, in addition to the ones it is currently cooperating with (Piraeus Bank, Eurobank, Emporiki and PanCretan Bank) to act as intermediates in promoting its products.
Kouvarakis said the essential part of negotiations between EIB and the future managers of the cargo terminals in Thessaloniki and Piraeus was not expected to begin before the start of 2009, after the Greek Parliament ratified the management contracts.
The European Investment Bank, the EU's investment arm, has signed a 100-mln-euro contract with the Thessaloniki Port Authorities to co-fund - by 50 pct -- a project to expand the port's sixth pier, a contract likely to be annulled since Hutchison's investment plan more than covers the value of the contract.
The investment bank has also paid more than 100 million euros for works on a project to build a metro rail system in Thessaloniki. Kouvarakis said that under the plan, the metro system would be ready in 2012.
The European Investment Bank is seeking to expand its activities in Greece, Kouvarakis said, adding that its lending portfolio totaled 5.4 billion euros in the period 2003-2007 and expects to hand-our another 1.1 billion euros this year.
EIB has already signed partnership agreements with four Greek banks, in addition to the ones it is currently cooperating with (Piraeus Bank, Eurobank, Emporiki and PanCretan Bank) to act as intermediates in promoting its products.