Luxembourg, 15/07/2005 (Agence Europe) - The Greek state and the European Investment Bank (EIB) signed a Memorandum of Understanding (MoU) on 12 July 2005 on the financing of major international and national port facilities in Greece under the Port Development Strategy, covering the period 2005-2015. Greece considers the improvement and upgrading of its seaports of vital importance both for Greece and for the European Union. Within the context of Trans-European Transport Networks (TENs) based on inter-modal transport, the expansion and development of hinterland infrastructure connections with the Greek ports will enhance their crucial role as trans-shipment nodes, connecting the countries of the Middle East, North Africa and Black Sea with Central and Northern Europe. The EIB's contribution to the financing of the Greek Port Development Programme will facilitate the participation of the private sector.