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EIB backs Piraeus with 140 million euros

Luxembourg - The European Investment Bank has agreed to provide 140 million euros to support expansion and upgrading of the Port of Piraeus

Luxembourg - The European Investment Bank has agreed to provide 140 million euros to support expansion and upgrading of the Port of Piraeus. The largest ever loan for port investment in Greece 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 and Xu Lirong, Chairman of COSCO Shipping Corporation, by Andrew McDowell, European Investment Bank Vice President, the Chairman of Piraeus Port Authority S.A. Yu Zenggang and Athanasios Liagkos, Board Member of the Piraeus Port Authority S.A.

“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.” said Prime Minister of Greece Kyriakos Mitsotakis.

“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. The European Investment Bank is pleased to provide a 20-year long-term loan for the principal maritime hub of Greece and the leading port in the Mediterranean. EIB support reflects the economic benefits to be unlocked in the coming years and the importance of ensuring competitive transport links for Greece and South Eastern Europe.” Said Andrew McDowell, European Investment Bank Vice President.

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