
The US Congress approved a US International Development Finance Corp. (DFC) plan to allocate a 125-million-US dollar loan to Syros island-based ONEX Shipyards for the reopening of the Elefsina Shipyards, west of Piraeus.
According to ONEX, the figure is higher than the 102 million US dollars initially allocated for the borrowing scheme, while the DFC’s board of directors has already completed all internal procedures for approval of the loan from mid-May 2023.
According to an announcement by ONEX, a special law was ratified by the US Congress two years ago with bipartisan support in order to facilitate the loan plan, which marks the first and only, so far, DFC financing towards Greece.
ONEX is the lead investor in the scheme to rejuvenate and upgrade the Elefsina Shipyards, increasing the facility’s capacity to being able to work on some 200 vessels annually.
The development comes after this week’s signing of MoUs between Italian shipbuilding giant Fincantieri and Elefsina Shipyards, held at the latter’s premises.
In a press release on Sunday, Fincantieri said the MoUs were signed “with a selection of potential new suppliers, in the context of the high-profile process pursued by the Hellenic Minister of National Defence for the construction of four corvettes and the provision of Integrated Logistic Support (ILS) and In Service Support (ISS).”
Both shipbuilder Fincantieri and aerospace multinational signed the MoUs, whichwill “set the basis for defining possible business relationships for specific supplies.”
The MoUs were signed with the following Greece-based companies: Sunlight Group Energy Storage Systems SA, General Commercial and Industrial SA, Farad SA Heat Exchangers, Environmental Protection Engineering SA, G. Ligeros OE (Psyctotherm), SSA SA, Elfon, and Tecross SA.


Latest News

Greece Faces Renewed Fears of Water Crisis Ahead of Summer 2025
Following a prolonged drought that began in 2024, fears of a water crisis highlight the urgent need for infrastructure improvements

Harvard, Yale, Columbia, and More Seek Collaboration with Greek Unis
Greece's former Minister of Education Kyriakos Pierrakakis announces an €82 million funding boost to support the partnerships

Greek Government Reshuffle Brings in More Young Technocrats
Greek PM Mitsotakis has brought in younger leaders and technocrats in a bid to accelerate the government's efforts at modernization and efficiency, according to New Democracy insiders

Greece’s New Government Members Sworn in at Presidential Mansion
Greece's new government members were sworn in on Saturday morning and head straight to work through the first meeting of the new cabinet.

Moody’s Upgrades Greece to Investment Grade, Ending Crisis Era
The rating agency raised Greece’s long-term credit rating to Baa3 from Ba1, with a stable outlook.

EFET on World Consumer Day: Humanity Faces New Challenges
This year’s message emphasizes the need for a transition to sustainable lifestyles while safeguarding consumers’ legally recognized rights. This means ensuring access to essential goods such as food and energy, as well as health and safety.

Athens Hotels Lead Europe in Value Growth for Third Year
Over the entire period from 2015 to 2024, the average annual increase in hotel value was 6.1%.

Unemployment Rate in Greece Down 8.9% in January: IOBE
The unemployment rate in Greece recorded a further decline in January 2025, reaching 8.9%, according to the latest Foundation for Economic & Industrial Research (IOBE) report.

Demand for Short Term Rentals in Greece Surges Ahead of Easter
Among the most popular Easter destinations from Good Friday to Easter Monday are Corfu, Hydra, the Peloponnese, Ioannina, Patmos, Loutra Edipsou, Kavala, Thassos, and Pelion

Opposition Reacts Strongly to Greek Government Reshuffle
PASOK's spokesperson, Kostas Tsoukalas, characterized the reshuffle as a clear indication of Mitsotakis' "strategic deadlock."