Growthfund announces that today, Friday, the handover-acceptance protocol between the Kavala Port Authority and the sub-concessionaire company Sarisa. The signing of the handover protocol marks the start of the sub-concession for the development of the commercial port "Philippos II.". The investor assumes for 40 years the right to use, operate, maintain and exploit a multi-purpose terminal in part of this port. 

Under the agreement, the total value of the price is approximately €34 million, including the one-off fee and the guaranteed fees to be paid annually to the state during the 40-year concession period. In addition, the financial model of the subconcessionaire foresees investments of €36 million for the further development of the port as well as heavy maintenance costs. The mandatory investments concern the construction of buildings to serve the needs of the Port Authority, the Port Authority, the Navigation Service and the Customs Service. 

In addition, the investor undertakes to prepare a reforestation study of the White Bodies area, to implement the reforestation project and to carry out the maintenance, cleaning, protection and guarding works in the area throughout the duration of the sub-concession. 

With the start of the sub-concession, the commercial port "Philip B" enters a new development path, as investments will be implemented that will upgrade its operational capabilities, with significant benefits for the local community, while contributing to the restoration and protection of the natural wealth of the area. The aim is for the port of Philip II to become a strategic reference point for the development of Northern Greece and the transport of goods in the Balkans. The expansion of the railway network is also expected to contribute to the further strengthening of the development course of the port "Philippos B," as within the first quarter of 2025 the signing of the contract for the railway section Nea Karvali-Toxotes, which was tendered by ERGOSE, is expected. 

At the same time, the Growth Fund is also working towards the development of Kavala's port infrastructure. As the Port Planning Authority, the Growth Fund is proceeding with the preparation of the Master Plan for the passenger port "Apostolos Pavlos Pavlos," which will provide for the location of a marina and the upgrading of the infrastructure of the fish market. Besides, an international tender has recently been launched for the sub-concession of the cruise activity within the port of Apostolos Pavlos to a private investor. With these actions, the Growth Fund seeks to upgrade the infrastructure of the port "Apostolos Pavlos" in order to enhance the tourist product of the city of Kavala. Moreover, by making use of the opportunity provided for in the summer of 2024, the Growth Fund commits to allocating 50% of the revenues it will receive from the development of the port "Philip II" to the upgrading of the infrastructure of the port "Apostolos Pavlos," thus achieving direct benefits for the local community. 

STATEMENTS

The Minister of Shipping and Island Policy, Christos Stylianides, said: "Today our joy is twofold. Firstly, because we see that the development strategy of the Mitsotakis government is, once again, taking shape. With the partnership of the public and private sectors, we see that important infrastructure of our country, which has been unused for decades, is being exploited. A significant private investment from today will multiply the country's maritime trade and, by extension, the local development of Kavala. Our second joy is based on completing the puzzle that elevates our entire country in international trade. Old and new plans of the trans-European transport network place Greece—in practice now—at the centre of global developments. The ports of the Egnatia Sea Route (Igoumenitsa, Thessaloniki, Kavala, and Alexandroupolis), both themselves and their intermodal connections with railways and new road corridors, are being supported directly by the European Union for years to come. The sea corridor Asia-Central and Eastern Europe necessarily passes through the ports of the Maritime Egnatia, expecting even greater benefits in the near future, both from the reconstruction process of Ukraine and with the activation of the new corridor from India. Greek ports and their executives are now ready to support this great dynamic development. The Greek government inspires international stability, and the Ministry of Shipping and Insular Policy has supported, over the last 5 years, with particularly brilliant results, the development of the Greek port industry. For the first time, the exploitation of our strategic position in international trade has gone from wishful thinking to action.".

The Managing Director of the Super Fund, Gregory D. Dimitriadis, said: "Today marks the successful completion of a very important agreement for the city of Kavala and for the whole of Northern Greece. An investment scheme with great credibility and rich experience takes over the operation of the commercial port "Philip B" and commits to implement strategic investments with multiplier benefits for the local economy and society, but also for the restoration of the natural wealth of the region. The new development of the commercial port of Kavala, alongside the development of the port of Thessaloniki and the port of Alexandroupolis, will strengthen Greece's position on the Balkan freight transport map. The Superfund is implementing a coherent strategy for the development and sustainable transformation of the ports in its portfolio, contributing to the strengthening of regional development and the competitiveness of the Greek economy.".

CEO of the Kavala Port Authority, Angelos Vlachos, said: "For PPA SA, today's day crowns a long and painful effort. The management, the executives and external partners, in coordination with the shareholder of the organization, managed not only to overcome obstacles and settle individual issues that existed initially or arose in the course of the process, but also to maintain the uninterrupted operation of the Port "Philip II" until today. In our view, the prospects for a major port of strategic importance in the north-eastern axis of the country, provided that the necessary investments in material resources and human resources are made and, of course, with rational planning, are indeed excellent. For our part, we are committed to the extent that the OLK SA will continue to contribute to the development dynamics of the wider region, which is centred on the region of Eastern Macedonia and Thrace but extends to the wider Greek and Balkan hinterland.