Econostrum | Economic News in the Mediterranean

The EIB lends €300m to "green" the port of Genoa

Written by Eric Apim on Tuesday, December 14th 2021 à 16:35 | Read 471 times

The investments will enable access for cargo ships to be facilitated (photo : F.Dubessy)
The investments will enable access for cargo ships to be facilitated (photo : F.Dubessy)
ITALY. The European Investment Bank (EIB) is granting a framework loan of €300m to the Autorità di sistema portuale del Mar Ligure occidentale (Port System Authority of the Western Ligurian Sea) which administers the ports of Genoa, Pra', Savona and Vado Ligure. This is its first operation in Italy for a project co-financed by the Italian State with resources from the Supplementary Fund of the Recovery and Resilience Mechanism.

The funds will be used to support investment in the largest renovation of the port of Genoa in 25 years, in particular to improve access. It will be used to build a new breakwater to limit the risk of flooding due to climate change and to facilitate the safe entry, loading and unloading of modern cargo ships. The Italian government is contributing €600m to the works, including €500m from the Supplementary Fund of the Recovery and Resilience Mechanism and €100m from the Port Infrastructure Fund.

"We are proud to support the development of the infrastructure and environment of the port of Genoa, which is a key economic, export and tourism hub for Italy. One of the EIB's main objectives is to invest in infrastructure promoting connectivity and environmental sustainability as a tool to strengthen resilience and economic competitiveness and to assert Europe's strategic positioning at global level", commented EIB Vice-President Gelsomina Vigliotti.


​Onshore power connection

The EIB loan will also cover part of the modernisation of the FuoriMuro railway network with the addition of 750 metres of track to support the development of freight transit and reduce road truck traffic.
The bank will finance the restoration of existing quays and the development of shore-to-ship power connections to allow ships to draw power from the shore power grid, thereby reducing fuel emissions.

Work on the modernisation of the port of Genoa, Italy's largest industrial and commercial port, will start in 2022 and be completed two years later, with the exception of the breakwater which will not be inaugurated until the end of 2026.

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