The European Investment Bank (EIB) has provided a €300 million ($339 million) loan to help finance the Port of Genoa expansion, representing the largest renewal of the Ligurian port area in the past 25 years.
The EIB loan — directed to Autorità di Sistema Portuale del Mar Ligure Occidentale, Port Authority of the Western Ligurian Sea — will contribute to financing different works, including the new Genoa breakwater, for which the government has earmarked a total of €600 million ($679 million).
The project will reduce the risks of climate change-induced flooding and enable modern cargo ships to access the port easily. The project also will contribute to upgrading the FuoriMuro railway network with 750 meters (0.47 miles) of track. The financing will enable the restoration of existing quays and the development of shore-to-ship electrical connections (cold ironing), allowing berthed ships to receive power from the ground-based electricity network, cutting emissio
