NIB finances €68m port of Klaipėda expansion in Lithuania
The Nordic Investment Bank (NIB) and the Klaipėda State Seaport Authority have signed a 19-year credit facility agreement for infrastructure investments in Lithuania’s largest port.
NIB’s credit facility of €68 million will finance the reconstruction of several quays in the port of Klaipėda.
The refurbishment includes extending quay walls and increasing quay depth to ensure access for larger ships.
The ability to accommodate large vessels will result in significant productivity improvements for the port and its operators. The port’s annual capacity is expected to increase by 19.1 million tonnes or 29% of its current capacity in relation to the project.
“Ensuring seaport operational efficiency is vital for the Lithuanian economy. Investments in infrastructure modernisation will support the port’s growth and boost productivity in our member country”, says Henrik Normann, NIB President & CEO.
The total investment costs amount to €136 million. The refurbishment is scheduled to be completed by the end of 2023.
The Port of Klaipėda is an essential part of Lithuania’s transit policy. It is one of the major harbours in the region and has in recent years become the largest port by turnover in the Baltics. In 2019, the seaport handled 46.3 million tonnes of cargo.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.