EIB to finance part of Cosco’s master plan for Piraeus port

The European Investment Bank has approved a 100-million-euro loan to Cosco to finance part of the Chinese company's investment in the port of Piraeus.

The funds will be used for the first stage of the 612-million-euro master plan, providing for the expansion of the cruise terminal, a new passenger terminal, a car park and a new logistics area.

A formal announcement is due next week, possibly during Chinese President Xi Jinping's visit to Athens.

Cosco has now secured 40 percent of the funds it needs for its master plan, and Chinese lenders such as Bank of China and the Industrial & Commercial Bank of China are expected to contribute too.