€140m EIB backing for Greek port

EIB’s 20-year loan for the Port of Piraeus follows the Greek government’s rejection of a proposal last month for a new container terminal at the port, operated by Piraeus Port Authority (PPA), majority owned by China-headquartered COSCO Shipping. Despite this, other PPA investments amounting to €611.8m were approved by the government, specifically Greece’s Committee of Planning and Development of Ports (ESAL).

“Recent investment has shown how investment at the Port of Piraeus can support economic growth and benefit Greece. Confirmation of the European Investment Bank’s support follows detailed due diligence and reflects the broad benefits to be unlocked by the largest investment programme in the history of the Port of Piraeus”, said Yu Zenggang, chairman of PPA.

“Redevelopment of the Port of Piraeus will strengthen connections between Greece and the rest of the world and ensure that Greece benefits from a world-class maritime logistics hub,” stated Andrew McDowell, EIB vice president.

€100m signed already

The first €100m of the EIB loan has been signed already and the remainder will be authorised as project construction progresses.

This is the largest ever loan for port investment in Greece by EIB.

China and Greece signed a memorandum of understanding, stating their mutual will to overcome any obstacles in the implementation of COSCO’s investment in Piraeus, said a Greek government official, according to Reuters.