European money for Port of Genoa
The European Investment Bank (EIB) has decided to grant a EUR 300 million framework loan to Autorità di Sistema Portuale del Mar Ligure Occidentale (Port Authority of the Western Ligurian Sea) to contribute to financing the ongoing renewal of the Ligurian port area.
The EIB loan will contribute to financing varioua works, including the new Genoa breakwater, for which the government has earmarked a total of EUR 600 million (EUR 500 million from the recovery and resilience facility complementary fund and EUR 100 million from the port infrastructure fund).
The work will reduce the risks of climate change-induced flooding, enable mega cargo ships to access the port and contribute to upgrading the Fuori Muro railway network with 750 m of track. The restoration of existing quays and the development of shore-to-ship electrical connections (cold ironing) is also on the agenda to reduce emissions.
Work is expected to start in 2022 and end in 2024, with the exception of the breakwater, to be completed by the end of 2026. This operation will bring total EIB support for Italian ports to over EUR 1 billion. (sh)