The signing of the agreement between Greece’s Asset Development Fund (TAIPED) and Cosco for the Piraeus port authority (OLP) will cut the Silk Road shorter, Greek Prime Minister Alexis Tsipras said on Friday.
Greece enters a new phase where emphasis will be placed on the restructuring and recovery of the economy, said Tsipras noting that this investment will be a signal for more investments.
Tsipras said that the government’s aim is to safeguard labor 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 the Prime Minister’s office at the Maximos mansion a great honor.
The signing of the agreement comes two years after the privatization tender was announced. The deal is expected to generate 1.5 billion euros for Greece, which includes a provision for 350 million euros worth of investments over the next years. The contract for the port privatization will last until 2052.
The Greek government hopes that the port privatization will bring further investments, particularly after research institute IOVE published a study, claiming that the deal may rake in up to 4 billion euros on an annual basis to State coffers.