The European Investment Bank (EIB) and the Klaipeda State Seaport Authority of Lithuania have entered into a €65 million (US$69.1 million) loan agreement for the development of Klaipeda Seaport.
The project will encompass rehabilitation, extension, and deepening of the port's quay walls. Once the works are completed, the seaport will be able to accommodate larger vessels and turn it into a transport hub for a variety of goods and cargo.
The EIB loan will complement financing of €77 million (US$81.85 million) from EU grants and €68 million (US$72.29 million) from the Nordic Investment Bank.