Italian shipbuilding company Fincantieri and the Port System Authority of the Central Adriatic Sea (ADSP) have signed an agreement to invest €80m ($86.9m) into the development of the Port of Ancona on Italy’s eastern coast. 

The programme agreement follows a memorandum of understanding signed by Italy’s Ministry of Infrastructure and Transport and the ADSP in 2018 to develop shipbuilding at the port and will see Fincantieri invest €40m into the project. 

The remaining €40m will come from publicly funded investments into the building of a new construction pier and the extension of the port’s dry dock. 

ADSP president Vincenzo Garofalo said: “An agreement and an investment that will have a strong impact on the future development prospects of the port of Ancona, with positive economic and social repercussions on the city and the region. 

“Fincantieri, one of the port's primary operators, has thus reaffirmed its confidence in the possibilities of growth and development of the facility in Ancona and the entire port infrastructure.” 

Fincantieri’s investment in the port, part of a new state concession for the next four decades, will build on its existing shipyard in the city, which has been responsible for the delivery of vessels such as cruise ships for Viking and Silversea Cruises, to expand the capabilities of the site for the construction of larger ships. 

Fincantieri CEO and managing director Pierroberto Folgiero said: “With the development of the port of Ancona, we’re moving into the future with ambition and innovation. 

“This agreement underscores our ability to invest in the Italian system and to create value for the region and the entire shipbuilding sector.”