The Hellenic Republic Asset Development Fund (HRADF) has signed a sub-concession agreement for the development of the Philippos ΙΙ port in Kavala, Greece.

The Philippos II port, currently managed by the Kavala Port Authority (OLK S.A.), will undergo significant developments following the signing of an agreement involving the Greek State, HRADF, the Kavala Port Authority, and the consortium "International Port Investments Kavala." This consortium, led by Black Summit Financial Group, EFA Group, and GEK TERNA Group, emerged as the highest bidder in the HRADF tender in May 2022. The agreement grants the investor a 40-year sub-concession for the operation, maintenance, and development of a multi-purpose terminal within the port. In addition to a one-time payment of EUR 33.9 million (USD 37 million), the sub-concessionaire commits to investing EUR 36 million (USD 39.4 million) for the port's enhancement, covering substantial maintenance expenses. The consortium will implement a reforestation study for the Aspra Chomata area and is responsible for the area's maintenance, cleaning, protection, and surveillance during the sub-concession. Further investments include acquiring new equipment, replacing outdated machinery, and constructing/purchasing necessary infrastructure, software, hardware, etc.