Nordic Investment Bank (NIB) and the Klaipėda State Seaport Authority have entered into a 19-year credit facility agreement for infrastructure investments in Lithuania's largest port.
NIB's credit facility of €68 million (US$73.9 million) will finance the reconstruction of several quays in the Port of Klaipėda. The refurbishment includes extending quay walls and increasing quay depth to ensure access for larger ships.
The port's annual capacity is expected to increase by 19.1 million tonnes or 29 per cent of its current capacity in relation to the project.
The total investment costs amount to €136 million (US$147.8 million).
The refurbishment is scheduled to be completed by the end of 2023.
