Nordic Investment Bank (NIB) has signed a 19-year agreement with the Klaipeda State Seaport Authority, Lithuania (KSSA) to finance the reconstruction of several of the port’s quays to the tune of EUR68m (USD74 million).
Scope of the work includes extension of the existing quay walls and increasing depths alongside, allowing larger vessels to call at the port. The total investment costs amount to EUR136m (USD148 million), and the redevelopment is expected to be completed by the end of 2023.
“Ensuring seaport operational efficiency is vital for the Lithuanian economy,” said Henrik Normann, NIB President & CEO. “Investments in infrastructure modernization will support the port’s growth and boost productivity in our member country.”