The privatization of the Piraeus Port Authority (OLP) will boost Greek GDP by 0.8 percent until 2025, the Athens-based Foundation for Economic & Industrial Research (IOBE) announced on Tuesday.
The privatization of the Piraeus Port Authority (OLP) will boost Greek GDP by 0.8 percent until 2025, the Athens-based Foundation for Economic & Industrial Research (IOBE) announced on Tuesday.
IOBE said the sale of 67 percent of the port to Chinese multinational Cosco – the company will also assume the management of Greece’s biggest port – is linked with the contractual obligation by the company to implement an ambitious investment plan for the port and affiliated investments elsewhere in the country.
The announcement comes after the Court of Audit reportedly rubber-stamped the sale this week, sources at the Greece’s privatization fund were quoted as saying.
Cosco, who already holds a concession for Piraeus’ container pier, was the only entity that submitted a binding offer.
The Chinese giant will first buy 51 percent of OLP’s shares for 280.5 million euros, with the remaining 16 percent purchased over the next five years for 88 million euros.