EU Bank Finances Growth of Lithuania’s Largest Seaport

Published
Dec 30, 2022 1:46 PM by


The Maritime Executive

European Union officials announced plans to support the development of an expanded port in Lithuania as part of an effort to support a green transition and enhance maritime capabilities in the Baltic and Eastern Europe. The European Investment Bank (EIB), owned by member states as the lending institution of the EU, and Klaipeda State Seaport Authority recently signed a €65 million ($69 million) loan agreement for the development of Klaipeda seaport in Lithuania. The EU previously also awarded grants and the Nordic Investment Bank is also financing the project.

According to the bank, the project supports an important European maritime transport hub and is of strategic importance for the Lithuanian economy. The financing will be for the rehabilitation, extension and deepening of the port’s quay walls to facilitate access for larger vessels.

The key purpose of the project is for the seaport…