Lithuanian port secures financing

The Nordic Investment Bank (NIB) and Klaipeda State Seaport Authority have signed a credit contract for 19 years to support infrastructure plans at the Port of Klaipeda.

“Effective activities of the seaport are of vital importance for the Lithuanian economics. The investments into renewal of the infrastructure will contribute to further expansion of the port and will promote growth of productivity in our Member State,” said NIB president and CEO, Henrik Norman.

The port authority plansto expand the quays and deepen the ship canal so that larger vessels can enter the port. The possibility to receive large vessels will increase significantly productivity of the port and its operators. It is expected that the project’s implementation will increase annual stevedoring capacity by 19.1m tons or by 29% of current capacity.

Total value of the project is €136m. It is anticipated work will carry on until the end of 2023.