4 June 2020

Nordic Investment Bank is sponsoring expansion of Klaipeda Seaport

The Nordic Investment Bank (NIB) and Klaipeda State Seaport Authority signed a credit contract for 19 years intended to renew infrastructure in Klaipeda Port.

“Effective activities of the seaport are of vital importance for the Lithuanian economics. The investments into renewal of the infrastructure will contribute to further expansion of the port and will promote growth of productivity in our Member State,” – says NIB President and CEO, Mr. Henrik Norman.

The granted financing will cover investments up to 68 million euros into reconstruction of the port’s quays. It is planned in the project to expand the quays and to deepen the ship canal so that larger vessels could enter the port. The possibility to receive large vessels will increase significantly productivity of the port and its operators. It is expected that the project’s implementation will increase annual stevedoring capacity by 19,1 million tons or by 29% of current capacity.

“It is very important that activities and expansion plans of Klaipeda Port are assessed on the international scale. It serves as a huge stimulus to continue the started projects and to initiate the new ones that will help Klaipeda Port to become more competitive. Only target and sustainable investments and harmonious development may guarantee that the single seaport of our country will continue creating added value to the State and its people,”– told Minister of Transport and Communications of the Republic of Lithuania, Mr. Jaroslavas Narkevicius.

Total value of the project is 136 million euros. It is planned to finish the projects until the end of 2023.

“The decision of the Nordic Investment Bank to grant a loan for the projects of improvement of Klaipeda Seaport shows that we are a reliable partner, whose projects have a potential. It is very important that even in difficult economic times, we will be able to safeguard uninterrupted investments into the harmonious development. They will allow the port reacting expeditiously to the market’s changes, to stay economically vital, and will provide wide possibilities for the Lithuanian contractors to contribute to implementation of the port’s projects,” – said Director for Infrastructure of Klaipeda State Seaport Authority, Managing Director at interim, Mr. Vidmantas Paukste.

Klaipeda State Seaport is an important part of the Lithuanian transit policy. The port is one of the largest in the region and it has been a leader in cargo turnover in the Baltic States in recent years. 46,3 million tons of cargoes were loaded in Klaipeda State Seaport only in 2019

NIB is an international financial institution that belongs to eight Member States: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The bank is financing private and public projects in the Member States and beyond. The international credit rating agencies “Standard & Poor’s” and “Moody’s” have awarded the highest possible AAA/Aaa credit rating to NIB.

Source: Port of Klaipeda