COSCO has had its US$672.9 million investment plan for the Port of Piraeus (PPA) approved by Greece’s Committee of Planning and Development of Ports.
The announcement has been welcomed by the Greek government, with its Ministry of Shipping and Island Policy describing it as the beginning of a “new age” for China-Greece relations.
“The approval of the master plan demonstrates that our country is now friendly to investments with a vision and realism which create real added value,” said Yannis Plakiotakis, Greece’s Shipping Minister.
COSCO originally took control of PPA in 2016 after acquiring a 51% stake. It has since a pivotal part of China’s Belt and Road Initiative (BRI) and is a key China-Europe gateway.
Yu Zenggang, Chairman of PPA, emphasized the importance of the investment deal:
“We hope that the competent authorities will soon review the expansion of the Container Terminal as it is one major investment that will establish the Piraeus port as one of the top Container Terminals in Europe.”
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