Billions Available for Greek Port Development Projects

Government last month announced a 3-billion-euro makeover project for Greek ports. The Merchant Marine Ministry said Greece has secured a loan worth 3 billion euros from the European Investment Bank, but reminds that specialists say that the regeneration project actually demands double that amount.

“We are optimistic that the use of this money will help not only the development of the ports but also to finance ships on unprofitable routes,” said Merchant Marine Minister Manolis Kefaloyiannis last month.

The ministry described the loan conditions as favorable. The life of the loan runs for 25 years and includes a seven-year grace period.

The 3-billion-euro program will take into account proposals submitted by any of the country’s ports, the minister said. Greece’s 12 largest ports, including Piraeus, Thessaloniki and Volos, have already submitted ideas.

Meanwhile, on the environmental front, the EU said recently that it would adopt tough new measures against ships that pollute EU waters.