Ports get funding as Piraeus fortunes fluctuate

Loans from the EIB worth up to €3bn will fund projects under the state’s Port Development Strategy until 2015. Any Greek port can apply to join the upgrade programme, provided they have a viable development plan and 50% of the necessary funds. The 25-year arrangement has a grace period of seven years and a 3% interest rate without state guarantees.

Meanwhile Piraeus, the eastern Med’s leading container port, has revealed a 4% downturn in box traffic last year and a 13% downturn in transhipment traffic.

However, the new management team – appointed last February – has improved handling rates from 83 to 110 boxes per shift.