Port of Piraeus, in Greece, has secured a €140 million ($154.5 million) loan from the European Investment Bank (EIB) to support the expansion and upgrading of the port.

The loan, which has a term of twenty years, is the largest ever loan for port investment in the country, and it was announced along with an agreement signed between Greece and China to push ahead with a €600 million investment by Cosco into the Port of Piraeus during an official visit by Chinese President Xi Jinping to Athens on Monday.

“Greece welcomes the European Investment Bank’s support for transformation at the Port of Piraeus. The EIB has been supporting strategic infrastructure across Greece for more than 50 years and has unique technical and financial expertise financing leading ports across Europe and worldwide,” said prime minister of Greece Kyriakos Mitsotakis.

Last month, Greece’s Port Planning and Development Committee approved most of the Cosco-controlled Piraeus Port Authority (PPA)’s master plan to transform the port, although rejected a plan to develop the 4th container terminal at the port.

“Recent investment has shown how investment at the Port of Piraeus can support economic growth and benefit Greece. Confirmation of the European Investment Bank’s support follows detailed due diligence and reflects the broad benefits to be unlocked by the largest investment programme in the history of the Port of Piraeus,” said Yu Zenggang, chairman of PPA.