Greece's state privatization fund says it has approved an offer from China's Cosco group to buy a 67 percent stake in the country's largest port in a process initially opposed by the left-wing government.

The fund said Wednesday it backs the improved offer from Cosco of 368.5 million euros ($402.5 million) for the 67 percent stake, or 22 euros per share of the Piraeus Port Authority, which operates a port near Athens.

It said the deal will eventually provide substantial financial benefits for Greece as it requires Cosco to make investments in the port.

Re-elected in September, Greece's left-wing government abandoned its opposition to major privatization projects after reaching an agreement with eurozone rescue lenders last year for a third bailout.