The municipality of Piraeus is set to receive 1.977 million euros in the form of countervailing benefits from port and commercial activity by the now Cosco-managed Piraeus Port Authority (PPA).
The payment relates to 2017, the first full year in which the Chinese multinational managed Greece’s biggest and busiest port. Cosco also owns a majority stake in the port authority.
The development marks the first time that the municipality, which encircles much of the port, receives such a benefit, a result of the PPA’s memorandum-mandated privatization.
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