China Cosco Holding Company is set to invest around US$552 million into the Port of Piraeus for services which include shipbuilding and other facilities and services, which will take place over the next five years, according to The Wall Street Journal.
Alexis Tsipras, Prime Minister for Greece, said: “Greece, which is the first stop in China’s way to Europe, can become a bridge between China and the West, between Asia and Europe.”
This follows news that the Port of Piraeus had allegedly changed the terms of its deal with China Cosco for the acquisition of a majority stake in the port.
PTI previously reported that the deal will provide multiple benefits for the Chinese company, including lower transportation costs for moving goods from China to Europe by 10%.
It was recently reported by PTI that Cosco had placed a binding offer for a 67% majority stake in the port.
Shortly after this offer, Cosco had won the majority stake, and effectively signed an agreement with Greece to be the majority stake holder at a cost of more than US$400 million.