The European Investment Bank has announced that it will advance a EUR 300 million framework loan to finance upgrading work on the port of Genoa. The money, which will go to the Port Authority of the Western Ligurian Sea, was announced before the 2018 collapse of the Morandi Bridge, but is now considered “even more necessary and urgent. The money will supplement EUR 600 million already allocated, EUR 500 million from the Recovery and Resilience Facility Complementary Fund and EUR 100 million from the Port Infrastructure Fund, which will be spent on a new Genoa breakwater wall. The combined loans will reduce the risk of flooding and allow modern cargo ships to access the port. Some 750m of track for the FuoriMuro railway network will also be upgraded, quays will be refurbished and shore-to-ship electrical connections will be modernised. Work on the project is due to begin in 2022 and be completed in 2024. The breakwater work is due to be finished by 2026.
The European Investment Bank has announced that it will advance a EUR 300 million framework loan to finance upgrading work on the port of Genoa. The money, which will go to the Port Authority of the Western Ligurian Sea, was announced before the 2018 collapse of the Morandi Bridge, but is now considered “even more necessary and urgent. The money will supplement EUR 600 million already allocated, EUR 500 million from the Recovery and Resilience Facility Complementary Fund and EUR 100 million from the Port Infrastructure Fund, which will be spent on a new Genoa breakwater wall. The combined loans will reduce the risk of flooding and allow modern cargo ships to access the port. Some 750m of track for the FuoriMuro railway network will also be upgraded, quays will be refurbished and shore-to-ship electrical connections will be modernised. Work on the project is due to begin in 2022 and be completed in 2024. The breakwater work is due to be finished by 2026.
