Greek MPs ratify deal for sale of majority stake in Piraeus port to China's COSCO

Following investments of another 300 million euros total worth in infrastructure works within the next five years, under the deal, the Chinese investors will pay HRADF an extra 88 million euros to acquire an additional 16 percent of shares in PPA.

COSCO was declared in February preferred investor for the sale of the controlling stake in Piraeus port after winning an international tender.

In March, the Court of Audit approved the deal, while earlier this June the contract was cleared by the general assembly of PPA's shareholders and the Greek Competition Commission.

Greek and Chinese officials and entrepreneurs as well as independent analysts have welcomed from the beginning the controlling of PPA by COSCO as a win-win cooperation step.

The privatization of PPA is expected to help debt-laden Greece boost growth to exit the six-year debt crisis through the transformation of Piraeus into a leading transit hub for products and services from Asia to Europe.

Piraeus port holds a key role in China's Belt and Road Initiative for the construction of a modern Silk Road to promote international multi-faceted collaboration.

PPA's privatization will add a total of 1.5 billion euros to the Greek economy until 2052, when the concession deal expires, and help create 125,000 jobs, according to a survey of the Foundation for Economic and Industrial Research (IOBE), one of Greece's leading think tanks.

The ground to reach the landmark agreement was paved by the remarkable results of COSCO's presence at Piraeus in recent years.

Since autumn 2009, COSCO's subsidiary Piraeus Container Terminal (PCT) has been operating Piers II and III at Piraeus port under a 35-year concession agreement.

By taking over also Pier I, operated by PPA until today, the Chinese investors promise to work hard to post impressive results soon and to turn the vision for Piraeus into reality.