Specifically, the acts of the Port Planning and Development Committee were annulled, by which the obligatory investments were approved, in the framework of the approval of the PPA Master Plan, based on the concession agreement with Cosco, concluded between the Greek State and PPA A. Ε. and was ratified by law 4404/2016, as well as the additional investments of the PPA in the port of Piraeus.
It should be noted that last October the transfer of 16% of the PPA to Cosco was completed as provided in the initial concession agreement of the Organization that operates the largest port in the country while the second received a five-year extension to implement the investment program in the port of Piraeus amounting to € 293 million.
The investment program is pending as there were long delays from appeals to the CoF and Cosco had asked to proceed with the transfer process by blaming the delays on the Greek public request which was accepted by the Greek government.
The new agreement provides for an additional period of five years in order to complete the projects while Cosco has submitted a new letter of guarantee, representing 40% of their budget.
