The sub-concession deal for the development of the Greek Kavala Port was signed

The sub-concession agreement for the development of “Philippos ΙΙ” port, currently operated by the Kavala Port Authority, was signed yesterday between the Greek State, the Hellenic Republic Asset Development Fund (HRADF), the port Kavala authority and the company “Sarisa Sub-Concession Port of Kavala Philippos II”, established by the consortium “International Port Investments Kavala” that was declared as the highest bidder in May 2022 in the tender operated by HRADF.

With the contract signed for the port of Kavala, the investor assumes for 40 years the right to use, operate, maintain, and develop a multi-purpose terminal within the port.

The joint venture “International Port Investments Kavala”, which is made up of the companies Black Summit Financial Group – EFA Group – GEK TERNA Group, has committed to implement a series of investments for its upgrade.

Apart from the payment, for a total nominal value of 33.9 million euros which will be paid in a single instalment, the sub-concessionaire will invest 36 million euros for the further development of the port, including heavy maintenance costs.

The investments include the obligation of the investor to construct buildings to serve the needs of the port authority, the Navigation Service, as well as a custom station, in accordance with the pre-study conducted by the Ministry of Maritime Affairs and Insular Policy and the Independent Authority of Public Revenues (ΑΑDΕ), as well as with the specifications of the sub-concession agreement.

In addition, the investor undertakes the obligation to put together and implement a reforestation study for the Aspra Chomata area and to carry out the maintenance, cleaning, protection and guarding of the area during the sub-concession.

Further investments concern the purchase of new and the replacement of old equipment, and the construction and purchase of infrastructure – superstructures, software, hardware, etc.

The Greek minister of maritime affairs and insular policy, Christos Stylianides, stated: “Today is an important day for Kavala, a city that is fast becoming very important for Northern Greece. Signing this agreement is a big leap. Cooperation with the private sector is essential to be able to move forward. It is a new beginning for the city. The port is an infrastructure that will enable the city of Kavala and the wider region to realize its full potential”.