The authority of the Lithuanian seaport and the European Investment Bank (EIB) have signed a €65m loan agreement.

The funds will be used to restore, extend, and deepen (17 m) the Klaipėda's quay walls to facilitate access for larger vessels.

The latest loan will complement financing from EU grants (€77m) and the Nordic Investment Bank (€68m loan signed at the beginning of 2020, a portion of which will co-finance the EIB project).

Klaipėda's developmental plans include a new container terminal (spanning 100 ha) and offshore wind farm installation infrastructure.

"The financing agreement that we signed today [19 December 2022] will enable us to continue implementing our ambitious vision of a modern and sustainable port, providing the highest quality services. We aim to welcome the biggest ships that can enter the Baltic Sea. Proper infrastructure - port depth, modern quay walls, a convenient port railway network - are a prerequisite for making this vision a reality. We are very happy that the port authority is capable of consistently borrowing on good terms, and that this contract with the EIB is no exception," Algis Latakas, Klaipėda State Seaport Authority's Director General, underlined.

Thomas Östros, EIB's Vice-President, added, "We at the EIB are pleased to support the development of Klaipėda seaport. The project is of strategic importance for the Lithuanian economy and the development of maritime transport in Europe as it also offers a shift from road to sea transport. Accelerating the green transition is one of the EIB's main priorities, and this will not happen without companies and financial institutions planning and implementing actual investment projects."

Meanwhile, the EIB also provides advisory support to the Lithuanian Inland Waterways Authority to promote green cargo shipping between Klaipėda and Kaunas.

Photo: Port of Klaipėda