BUSINESS

Cosco master plan for Piraeus coming up for approval

ILIAS BELLOS

TAGS: Privatizations, Business

The Port Planning and Development Commission is meeting on Wednesday to approve Cosco’s investment master plan for Piraeus port, whose budget comes to 800 million euros.

The usual process provides for the approval, with or without conditions, to be granted the following day. If all goes according to plan, one of the biggest investment projects in Greece will finally be able to get moving.

The latest meeting of the commission, which comprises the general secretaries of the competent ministries, comes after the change in government and the dozens of problems created by the decisions of the previous administration.

Consequently Cosco has retabled its master plan for approval, only this time it contains two new and very important elements: The plan for the port of Piraeus provides for a smaller mall for the new cruise terminal (22,000 square meters instead of 44,000 sq.m.) that will only serve the terminal and not the wider public, and an additional container terminal with a handling capacity of 2.8 million containers, east of Terminal 1.

These new elements have seen the master plan’s budget rise from 600 to 800 million euros.

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