China’s COSCO Invests in Largest Greek Port With Expansion Plans for Biggest European Port

A view of old warehouses in the Port of Piraeus in Greece on Oct. 18, 2018. Louisa Gouliamaki/AFP via Getty Images

Greece’s Prime Minister Kyriakos Mitsotakis announced an agreement for Chinese state-owned shipping firm COSCO to invest and expand the Port of Piraeus into Europe’s largest port.

Chinese leader Xi Jinping and his wife landed in Athens on Nov. 10 for a state visit between the countries. The visit culminated with the signing of an agreement for China Ocean Shipping Company (COSCO) to invest $660 million into Greece’s largest port as a European and African hub for China’s “One Belt, One Road” (OBOR, also known as Belt and Road) initiative.