Greece's 2nd largest port sold under privatization program

ATHENS, March 23 (Xinhua) -- Greece's second largest port in Thessaloniki, northern Greece, was sold off in the country's privatization program, a Greek privatization fund announced on Friday.

The stock exchange transfer of a 67-percent share in Thessaloniki Port Authority (ThPA) to the South Europe Gateway Thessaloniki Limited consortium was concluded, the Hellenic Republic Asset Development Fund (HRADF) said in an e-mailed statement.

The consortium, comprised of German investment fund Deutsche Invest, FrenchTerminal Link SAS, and Cyprus-based Belterra Investments, has already disbursed 231.9 million euros (286 million U.S. dollars) of the 1.1-billion-euro deal, according to the statement.

The concession agreement expires in 2051 under the terms of the international tender.

Aris Xenophos, executive chairman of the HRADF board, said the development was a new landmark in Greece's privatization program launched in 2010 under the international bailouts signed to rescue the ailing Greek national economy.

"The completion of Thessaloniki Port Authority's concession is a development of particular importance. The port's management by an international consortium is expected to effectuate immediate positive results to the ThPA, while the Greek economy will greatly benefit from the large investments, the development of the port and the creation of jobs," he said, according to HRADF's press release. (1 euro = 1.23 U.S. dollars) Enditem