The Freeport of Riga Authority plans to invest EUR19.8 million in the development of the port’s infrastructure this year – 24% or EUR3.8 million more than last year.
Out of the total investments, approximately 60% or EUR11.6 million are funding from the budget of the Freeport of Riga Authority, and 40% of EUR7.8 million are co-funding from the European Union Funds.
The 2022 Investment plan of the Freeport of Riga Authority provides for cleaning and dredging of the navigational waters at the port, various improvements to the port’s hydrotechnical constructions, as well as modernisation of several berths.
Moreover, the program will involve construction and reconstruction of access roads and overpasses, development of railway infrastructure, as well as investments in the information technologies, digitalisation and implementation of automation projects.
Commenting the news, Chairman of the board of the Freeport of Riga Authority, Viesturs Zeps , said: “The planned investments are crucial to improve the port’s competitiveness and capacity performance indicators. This will also improve safety and security at the port and enable servicing larger vessels, less adverse impact on the environment and the global ecosystem.”
“Our goal is to strengthen the positions of the Port of Riga in the logistics chains, to create the required pre-conditions for the growth of the port and companies operating at the port, to develop the passenger transport sector and improve the processes of smart technologies at the port.”
Also, the Port Authority unveiled a plan to develop a draft for a new, modern passenger terminal project that would promote higher cruise ship and ferry traffic at the Port of Riga.