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European Investment Bank to provide €140mn loan to Piraeus Port

The European Investment Bank (EIB) formally agreed to provide 140 million euros to support expansion and upgrading of the Port of Piraeus, the country’s largest port. The loan is the largest ever for investment in the port and in the country by the EIB. The total investment plan amounts more than 600 million euros.

The 20-year loan was signed 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.

Present at the signature ceremony were Prime Minister Kyriakos Mitsotakis and the Chinese President Xi Jinping.

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 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,” McDowell said.

“ Recent investment has shown how investment at the Port of Piraeus can support economic growth and benefit Greece,” Zenggang.

The first 100 million euros tranche of the EIB loan was signed on Monday as well.

The EIB loan is guaranteed by the Export-Import Bank of China.

New investment at the Port of Piraeus includes development of a new port logistics center, construction of a new cruise passenger handling facility, expansion of car shipping facilities, an improved ship repair area and the upgrade of the container terminal.

The Port of Piraeus is the busiest in the Mediterranean and the world’s 32nd largest port in terms of container cargo traffic.

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