The European Investment Bank (EIB) continues to promote climate action by providing €300 million to finance Port of Genoa expansion.
This is the first EIB operation in Italy for a project co-financed by the government with resources from the Recovery and Resilience Facility Complementary Fund, the bank reported.
According to EIB, they will provide a €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 largest renewal of the Ligurian port area in the past 25 years.
The loan will contribute to financing different works, including the new Genoa breakwater, for which the government has earmarked a total of €600 million (€500 million from the Recovery and Resilience Facility Complementary Fund and €100 million from the Port Infrastructure Fund).
The work will reduce the risks of climate change-induced flooding and enable modern cargo ships to access the port easily, loading and unloading cargo safely. It will facilitate access to the Port of Genoa, granting it a strategic advantage for capacity and production development.
Work on the breakwater is expected to start in 2022 and end in 2026.