Presentation of the projects

The European Bank for Reconstruction and Development (EBRD) is expected to finance a number of projects at the Lithuanian Baltic Sea port of Klaipeda. Kestutis Bartkevicius, head of the port authority, presented projects that require additional bank financing to Matti Hyyrynen, head of the EBRD Vilnius office, on Wednesday. Bartkevicius told reporters after the meeting that the port authority had to raise 33 million litas (USD 8.25 mln) in addition to investments earmarked for next year. The port authority has been also in talks with several local and foreign commercial banks over financing for some berth reconstruction and rail construction projects, and refinancing of some ongoing projects. Hyyrynen said the Lithuanian transport sector was very important for the EBRD and the bank would consider providing financing for the further development of the port. The EBRD has not invested in the port of Klaipeda so far. The port authority has borrowed money from the World Bank to finance a number of projects.