The European Investment Bank (EIB) formally agreed to provide EUR 140 million to support expansion and upgrading of the Port of Piraeus, the principal port of Greece, the company said in its release. The largest ever loan for port investment in the country by Europe’s long-term lending institution, will support the implementation of part of investments at the Port of Piraeus in a total investment plan of more than EUR 600 million.
The 20-year loan was signed in Athens in the presence of Prime Minister of Greece Kyriakos Mitsotakis, Chinese President Xi Jinping, Xu Lirong, Chairman of COSCO SHIPPING Corporation and Chairman of Piraeus Port Authority S.A. Yu Zenggang, by Andrew McDowell, European Investment Bank Vice President and Athanasios Liagkos, Board Member of the Piraeus Port Authority S.A.
The first EUR 100 million tranche of the EIB loan was signed and the remainder agreed as project construction progresses.
The EIB loan is guaranteed by the Exports – Imports Bank of China, and the guarantee facility contract between PPA and CEXIM was also signed today in the presence of CEXIM Chairwoman Ms HU Xiaolian and Mr Thanos Liagkos from PPA.
New investment at the Port of Piraeus includes development of a new port logistics centre, construction of a new cruise passenger handling facility, expansion of car shipping facilities, an improved ship repair area and the upgrade of the container terminal.
The long-term EIB loan will complement other investments in the Port currently under consideration by the European Commission and the Greek government plus Technical Assistance work undertaken by JASPERS.
Improvements to the Port of Piraeus are expected to support economic growth and job creation across the country, reduce transport costs and enable increased cruise tourism and shipping.
The Port of Piraeus is the busiest in the Mediterranean and the world’s 32nd largest port in terms of container cargo traffic.