In the presence of Chinese President Xi Jinping and Greek Prime Minister Kyriakos Mitsotakis, Hu Xiaolian, Chairman of China Eximbank, and Athanasios Liangos, member of the board of Piraeus Port Authority S.A.(hereafter referred to as “PPA”) signed and exchanged a Guarantee Issuance Facility Agreement on 11 November.
According to the agreement, China Eximbank will provide guarantee for the financing of PPA’s long-term projects. Such financing is extended by European Investment Bank to support the construction of Piraeus Port, mainly including the expansion and renovation of port infrastructure and the upgrading of terminal hardware and software.
The Piraeus Port, with Chinese enterprises participating in its construction, is a flagship project of China-Greece cooperation for jointly building the Belt and Road. The port has now become one of the largest ports in the Mediterranean and one of the fastest growing container terminals in the world. It provides more than 10,000 jobs for the local people.
The successful signing of this agreement is another important step taken by China Eximbank to implement the Belt and Road Initiative. It also marks a significant achievement of the Bank in supporting Chinese enterprises’ business development overseas. Greece is at the intersection of the land and maritime Silk Roads. The construction of the Piraeus Port will further enhance its global presence as a major container transshipment hub in the Mediterranean, and fully leverage its role in upgrading land-sea intermodal transportation between China and Europe.