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Τετάρτη, 13 Ιουνίου 2018 23:48

City of Piraeus to receive nearly 2 mln€ in countervailing benefit from Cosco-run port authority

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 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.