The Port of Genoa in Italy is set to receive a €300 million loan from the European Investment Bank for expansion and renewal.
Port of Genoa. Credit: Alan Kotok / Flickr. Licence: CC BY 2.0
Port of Genoa. Credit: Alan Kotok / Flickr. Licence: CC BY 2.0
The money will help finance a range of works at the port, including upgrades to terminals, environmental management works and the construction of a new breakwater - a barrier built out into the sea to protect the port and visiting vessels from the force of waves.
Gelsomina Vigliotti, EIB Vice-President, 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.
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“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.”
The renewal works to the port are believed to be the largest in the port area for over 25 years.
In addition to reducing the risks of climate-induced flooding, renewal and refurbishment works to the port will allow modern cargo ships to access the port easily, enabling the safe loading and unloading of cargo, and provide the port a strategic advantage for capacity.
Work is expected to start later this year and largely be finished in 2024, with the breakwater scheduled for completion by the end of 2026.
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