SEB and the EBRD have provided loans to boost the Klaipeda port, Lithuania.

Both parties have contributed €32.3mn to Klaipedos Smelte, a subsidiary of the world’s largest container terminal operators, Terminal Investment. The capital will help purchase container cranes, handling equipment and expand Klaipeda terminal.

An EBRD spokesperson tells GTR that the tenor of its loan is 11 years, but is unable to confirm the pricing.

Klaipeda is Lithuania’s biggest transport hub and provides rail, sea and road routes into the country. It’s also the most northerly deep-water, ice-free Eastern Baltic port, essential to regional trade.

Most of the cargo arriving in the port comes from Bermerhaven, Rotterdam, Antwerp and Hamburg, via feeder vessels from larger ships. The port expansion will allow mainline vessels to call at Klaipeda directly, cutting costs and CO2 emissions

EBRD transport director Sue Barrett says: “With this investment, the EBRD will help turn Klaipeda into a Baltic transhipment hub. The improved quality and scope of port services resulting from the project will boost trade in Lithuania and neighbouring countries and lead to lower costs for consumers. A modern and efficient container terminal will also help improve the competitiveness of the Lithuanian export industry.”