Greece sealed on Friday the sale of its biggest port to shipping giant China COSCO Shipping Corporation, the second major privatisation for the country.
At the Zappion building, China COSCO’s chairman Xu Lirong and the head of Greece’s privatisation agency signed the 368.5 million euro contracts.
The port sale had been halted by the leftist government of Alexis Tsipras when it won elections in January last year but it was resumed under Greece’s 86 billion-euro bailout deal agreed with its euro zone partners in August.
Under the deal, China Cosco will acquire 51 percent of Piraeus Port for 280.5 million euros and the remaining 16 percent for 88 million, after five years once it concludes mandatory investments, which will amount to 350 million euros over the next decade.
Tsipras: OLP-TAIPED agreement to cut Silk Road shorter
The signing of the agreement between TAIPED (Hellenic Republic Asset Development Fund) and Cosco for Piraeus port authority (OLP) will cut the Silk Road shorter, Greek Prime Minister Alexis Tsipras said on Friday.
Greece gets into a new phase where emphasis will be placed on the restructuring and recovery of the economy, said Tsipras noting that this investment will give the signal for more investments.
Tsipras said that the government’s aim is to safeguard labour relations and protect the environment.
On his part, the president of Cosco group Xu Lirong noted that the group considers the government’s decision to sign the agreement at Maximos mansion a great honour.
The agreement will be signed at Maximos Mansion in the presence of Greek Prime Minister Alexis Tsipras
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