China is one of the largest investors in Greece, and has financially supported the country at a time when other investors balked. This April, China Ocean Shipping Company, or COSCO for short, settled on a deal for control of the Port of Piraeus.
Under the deal, COSCO will pay about 317 million US dollars for the initial acquisition of a 51 percent stake. Another 98 million will follow within five years for the remaining 16 percent, provided it has implemented the agreed investments in the port.
COSCO has committed to investing an extra 388 million dollars over the next decade in infrastructure works at Piraeus Port.
Piraeus is one of the largest ports in Greece. In 2015, the global ranking of Piraeus Port increased significantly from 93rd to 39th place in terms of container capacity. This deal took 7 years to seal and is considered as a multi-win for China, Greece and Europe.
