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Greece approves port sale in second-largest city

A 67 percent stake in Thessaloniki Port has been sold for €232 million. (AP Photo)
ATHENS: Lawmakers have approved the sale of a 67 percent stake of the Thessaloniki Port Authority in Greece’s second largest city, in a deal worth 232 million euros ($285 million).
Parliament ratified the concession agreement through 2051 which was signed in December with the consortium South Europe Gateway Thessaloniki. The consortium is comprised of Germany’s Deutsche Invest Equity Partners GmbH, Greek-Russian Belterra Investments, and France’s Terminal Link SAS.
Thursday’s approval follows the 2016 privatization of Greece’s largest port of Piraeus through the sale of a majority stake to China’s Cosco group.
Greece’s left-wing government says it’s committed to continuing cost-cutting reforms and privatization after the country’s international bailout ends in August. It will present rescue creditors a development plan in April to be used to gauge post-program surveillance and debt relief.