Klaipeda development plans include dredging

The European Investment Bank (EIB) and Klaipėda State Seaport Authority have signed a €65 million loan agreement for the development of Klaipėda seaport in Lithuania.

Klaipėda is the main port connection in Lithuania, part of the TEN-T North Sea-Baltic corridor, and one of the largest port complexes in the Baltic Sea.

The financing will be for the rehabilitation, extension and deepening of the port’s quay walls to facilitate access for larger vessels.

The key purpose of the works is for the seaport to be able to accommodate larger vessels and therefore lead to greater productivity.

“The financing agreement that we signed today will enable us to continue implementing our ambitious vision of a modern and sustainable port, providing the highest quality services,” said Algis Latakas, Director General of Klaipėda State Seaport Authority.

“We aim to welcome the biggest ships that can enter the Baltic Sea. Proper infrastructure – port depth, modern quay walls, a convenient port railway network – are a prerequisite for making this vision a reality.

“We are very happy that the Port Authority is capable of consistently borrowing on good terms, and that this contract with the EIB is no exception,”

Also, as part of the EIB’s new transport lending policy, decarbonisation of ports as well as climate action and environmental sustainability are priorities for the EIB.

The EIB loan will complement financing from EU grants (€77 million) and the Nordic Investment Bank (€68 million loan signed at the beginning of 2020, a portion of which will co-finance the EIB project).