Specifically, the 20-year loan was inked in Athens, in the presence of Greek Prime Minister, 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.

The investment will be used for the development of a new port logistics centre, 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.

Moreover, the investment will bring economic growth and job creation in the country, while also reduce transport costs and boost the cruise tourism and shipping.

In light of the agreement, Prime Minister of Greece Kyriakos Mitsotakis commented

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.

Overall, the newly-elected Government of Greece had announced its plans to boost domestic maritime industry, on the sidelines of a visit to the Ministry of Shipping and Island Policy in the port city of Piraeus, presenting a threefold plan to support investment and port upgrade.