Commission clears 114-mln-euro state support for infrastructure project at the port of Piraeus

Commission clears 114-mln-euro state support for infrastructure project at the port of Piraeus

 



 

ANA-MPA -- The European Commission on Tuesday cleared the way for a 114 million euros state support for an infrastructure project at the port of Piraeus. In a statement, the EU’s executive said it has found a 113.9 million euros Greek support for an infrastructure project of 120 million euros at the Port of Piraeus to be in line with EU state aid rules.

 

In particular, the project will further the objectives of EU transport policy and cohesion without unduly distorting competition in the internal market.

 

In September 2012 Greece notified plans to support an investment project by OLP, the port authority, to extend existing infrastructure for cruise ships at the Port of Piraeus by 2 docking stations.

 

The project is co-financed with 96.9 million euros from EU Structural Funds.

 

The project will improve the exploitation of cruise services at the Port of Piraeus and support regional development by creating jobs and boosting economic activity through the passengers, crews and companies that it will attract.

 

Greece carried out an in-depth cost-benefit analysis showing that the income to be generated for the Port Authority from the use of the infrastructure over the next 20 years will be insufficient to cover the investment costs.

 

Therefore, the project would not be carried out without public funding.

 

The Commission found that the public funding of 113.9 million euros is limited to the funding gap identified in the study.

 

The funding is therefore necessary to make the project possible and it remains limited to the amount strictly necessary to achieve its goals.

 

(Athens News Agency, 2 July 2013)