Greek financial services company Piraeus Bank is set to finance the development of the Thriassio Transit Center, which is expected to become operational in 2024.

Set to increase freight transport by rail, the centre will promote Greece as a major freight hub in the trans-European transport network.

The Thriassio Transit Center is also expected to contribute to the provision of upgraded services and reduce transport costs.

The project will create up to 5,000 jobs over the next ten years and is expected to boost local employment.

“Piraeus Bank are always looking for suitable investment projects that align with our strategy to be a pillar of stability for the Greek economy.”

Piraeus Bank CEO Christos Megalou said: “Piraeus Bank are always looking for suitable investment projects that align with our strategy to be a pillar of stability for the Greek economy, and we are proud to be financing such a significant infrastructure project in Greece.”

The Greek State, GAIOSE and THEK signed the 588-acre concession agreement for a period of 60 years.

The project will be financed by THEEK and will also secure a loan from Piraeus Bank, a shareholder of ETVA Industrial Area.

The freight centre is part of the Thriasio Pedio Freight Complex, which includes the freight railway station and marshalling yard.

It would be developed and operated by a private investor on an area primarily comprising warehouses, storage and supply chain management.