A protocol for the subcontracting of the 'Filippos II' commercial port of Kavala, northern Greece, was signed on Friday between the Port Authority of Kavala and subconcessionaire SARISA SA, the Growthfund announced.

The agreement signals the start of the subcontract for the development of the port. The investor assumes the right of use, operation, maintenance, and exploitation of a multi-use station at a section of the port for 40 years.

Based on the agreement, the total value of the section amounts to nearly 34 million euros, including the one-off payment and the guaranteed fees that will be paid annually to the state during the 40-year concession. The subcontractor's fiscal model foresees investments of 36 million euros for the further development of the port, as well as expenditures for heavy maintenance. The mandatory investments relate to the construction of buildings serving the needs of the Port Authority, the Pilotage Service, and the customs service. 

The investor's responsibilities also include carrying out a study for the reforestation of the area of Aspra Chomata, the actual reforestation, and the area's maintenance, during the entire duration of the subconcession.

Maritime Affairs and Insular Policy Minister Christos Stylianides, Growthfund CEO Grigoris Dimitriadis, and officials of the Port Authority, GEK Terna, SARISA SA and others attended the event.