As the ONEX group in an announcement unveiled, it is underlined that the amount is much higher than the $102 million that was initially foreseen, while the DFC Board of Directors had already completed, since mid-May, all the internal procedures for the approval of the financing. It is recalled that in order to make this financing possible 2 years ago, a special law was "passed" in Congress with the support of both the Democratic and Republican parties.
The announcement emphasizes that this is the first and only financing by DFC in Greece so far in the history of the two countries. "This decision certifies on the one hand the high value and solvency of ONEX and its owner Panos Xenokostas, and the importance of the Elefsina Shipyards for the American Group, and on the other hand it highlights the strong cooperation ties between the two countries and the multidimensional geopolitical importance of ONEX's project in the Eastern Mediterranean".
At the same time, it is recalled that the group of Panos Xenokostas has already launched the program to upgrade the facilities and operational capabilities of the Elefsina Shipyard, "remaining committed to the revitalization of the national shipbuilding industry, continuing what was started five years ago in Syros".
As reported, the funding, which was approved by Congress and signed by DFC, is aimed at rehabilitating and upgrading the Elefsina Shipyards, increasing the shipyard's capacity to service up to 200 ships per year.
When fully operational, ONEX Elefsis is estimated to be the largest shipyard in the country and will serve the Greek merchant fleet - the largest in the world - while in addition Elefsina Shipyards will play a leading role in regional energy security and green shipbuilding services , facilitating the transition of industry and the achievement of carbon dioxide emission reduction targets.
As noted in the announcement, the Elefsina Shipyards are a critical infrastructure, of the highest strategic importance for Greece and global shipping, while it is expected to boost the country's GDP by up to 1% annually, within the next five years.
The president and CEO of the ONEX group, Panos Xenokostas, stated that: "The trust of the American Congress fills us with pride and strength for the fulfillment of our vision, the revival of the shipbuilding and repair sector, in terms that make Greece a protagonist in the wider Mediterranean region . My warmest thanks to the Greek and American authorities, the DFC team who supported this effort and we reached this historic result, so that the Elefsina Shipyards will soon turn into a global Shipbuilding and Technology Hub. But above all, I thank the workers of the Shipyards for their undivided faith and support in the vision of ONEX. The regeneration of the Shipyards is a road of no return, it is our compass for the future."
