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European Investment Bank To Lend Funds To Ports Of Genoa

European Investment Bank to lend funds to Ports of Genoa

Source: European Investment Bank
Genoa, Italy (PortSEurope) December 13, 2021 – The European Investment Bank (EIB) is to furnish a €300 million ($339 million) framework loan to Autorita’ di Sistema Portuale del Mar Ligure Occidentale (AdSP – Western Ligurian Sea Port Authority) to help finance the renewal of the Ligurian port area. The AdSP is the management authority of the ports of Genoa, Savona, Vado and Pra’. The EIB loan
will contribute to various works, including the new Genoa breakwater, for which the government has earmarked a total of €600 million (€500 million from the Recovery and Resilience Facility Complementary Fund and €100 million from the Port Infrastructure Fund). When complete, the works will reduce the risks of flooding and enable modern cargo ships to access the port. This will increase the productivity of the port. EIB financing will enable the restoration of existing quays and the development of shore-to-ship electrical connections (cold ironing), allowing berthed ships to receive power from the ground-based electricity network. Also, the FuoriMuro railway network with be updated with 750 metres of track, improving freight transit and reducing the road traffic. Work is expected to start in 2022 and end in 2024, with the exception of the breakwater, to be completed by end-2026. EIB Vice-President Gelsomina Vigliotti said:“We are proud to support the infrastructure and environmental development of the Port of Genoa, a key economic, export and tourism hub for Italy. One of the EIB’s main objectives is to invest in infrastructure promoting connectivity and environmental sustainability as tools to strengthen resilience and economic competitiveness and to assert European strategic positioning globally.” President of the AdSP, Paolo Emilio Signorini, added: “We are very proud of today’s signature, which demonstrates how involved the EU bank is in the development of Italy’s premier port in the European core network, and the strategic value of the new Genoa breakwater for the development of the port logistics system in a spirit of safety and sustainability. The planning structure and technical, financial and permit planning for the work is unprecedented in its thoroughness and analytical nature – we’re proud of this, too.” A statement from the AdSP can be read here (Italian) EIB The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It provides long-term financing for sound investments that contribute to EU policy. The Bank finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). From 2019 to 2020, the EIB Group provided €23 billion in financing for projects in Italy. Copyright (C) PortSEurope. All Rights Reserved. 2021.

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