Port of Piraeus to be transformed through 140 million EIB backing
It is the busiest port in the Mediterranean and the world’s 32nd largest
- November 13, 2019 17:30
- Monika Dimitrova
The European Investment Bank (EIB) announced that it will provide 140 million euros to support expansion and upgrading of the Port of Piraeus, the main port of Greece. The largest ever loan for a port in the country will support the implementation of part of investments at the Port of Piraeus in a total investment plan of more than 600 million.
The 20-year loan was already signed, as well as the first 100 million tranche of the EIB loan. Signing the agreement, Prime Minister Kyriakos Mitsotakis said:
“Greece welcomes the European Investment Bank’s support for transformation at the Port of Piraeus. The EIB has been supporting strategic infrastructure across Greece for more than 50 years and has unique technical and financial expertise financing leading ports across Europe and worldwide”.
Port of Piraeus investment will create jobs and growth across Greece
The upgrade of the Port of Piraeus will strengthen connections between Greece and the rest of the world and ensure that the country benefits from a world-class maritime logistics hub. The financial support will bring economic benefits in the near future and will ensure competitive transport links for Greece and South Eastern Europe.
The loan will help the Port of Piraeus to create new logistics centre, construct new cruise passenger handling facility, development of car shipping facilities, an expanded ship repair area and the upgrade of the container terminal.
Redevelopment of the Port of Piraeus is expected to bring economic growth and job creation across Greece. The strategic project will reduce transport costs and enable increased cruise tourism and shipping. The Port of Piraeus is the busiest in the Mediterranean and the 32nd largest port in the world in terms of container cargo traffic.
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