Chinese investments of $2.5 billion in infrastructure in Southeastern Europe, and even a strategic plan by Beijing worth $40 billion for the so-called new “Roads of Silk” will factor in the decisions taken at the general meeting of Piraeus Port Authority (OLP) on Tuesday.
The meeting will attempt to address obstacles that stand in the way of a friendly arrangement between OLP and the Greek subsidiary of Chinese giant Cosco in Piraeus, so as to unlock an investment of 230 million euros in the port’s western flank.
Beijing has placed great emphasis on the successful completion of this investment, which was planned for more than two years ago. Even though it has already secured the approval of the European Commission, it has run into the legal interpretations of the new agreement by the State Audit Council. These interpretations, adopted by the management of the Athens-listed port authority, had resulted in the failure of the previous general meeting to approve the new contract.
China appears particularly annoyed by the years of delays, particularly after holding repeated top-level meetings in Athens.