New Enterprise Greece BoD recommends two projects totaling €331 million for Fast Track status

New Enterprise Greece BoD recommends two projects totaling €331 million for Fast Track status

Thursday, 28 November 2019

Athens, 28 November 2019 | The new Board of Directors of Enterprise Greece – meeting for the first time under the supervision of the Ministry of Foreign Affairs – has recommended to Greece’s special committee on strategic investments two projects totaling €331 million for Fast Track status and whi...

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New Enterprise Greece BoD recommends two projects totaling €331 million for Fast Track status

Athens, 28 November 2019 | The new Board of Directors of Enterprise Greece – meeting for the first time under the supervision of the Ministry of Foreign Affairs – has recommended to Greece’s special committee on strategic investments two projects totaling €331 million for Fast Track status and which are expected to create 822 new jobs.

The board meeting, held Nov. 27, was attended by Minister of Foreign Affairs Nikos Dendias and was presided over by Deputy Foreign Minister Kostas Fragogiannis. The two projects, following the board’s recommendation, will be reviewed for final approval by the Inter-Ministerial Committee on Strategic Investments.

The first project concerns the redevelopment of the old industrial center of Viohalco on Piraeus Street in Eleonas, Attica, parts of which are under special conservation status. The complex will be redeveloped into a cultural, tourist, conference, medical and commercial center. The second project concerns the construction and operation of a cluster of 13 photovoltaic parks in central Greece with a total capacity of 284 MW, by Consortium Solar Power Systems SA with the participation of foreign funds. The project has been re-evaluated and approved following the submission of new data.

In addition, the board accepted and recommended to the inter-ministerial committee, requested modifications to land-use procedures on two other projects, already inducted under the Fast Track process, which would permit better and quicker licensing approvals and, consequently, improved business returns. The first is a project by Panita Ltd, part of the Constantinos group, which concerns the development of a modern commercial center in Metamorfosi, Attica. The second is the Cape Tholos Luxury Resort, an investment project of the Metaxas hotel group, located in Lassithi Prefecture, Crete that envisions the development of a mixed, hotel and holiday home resort complex covering a total area of 140 hectares. The combined budget for the two projects is €250 million and their implementation is expected to lead to the creation of 830 new jobs.

Enterprise Greece has noted a significant increase in interest in strategic investments – which support both local and national development -- in renewable energy and tourism, as well as in the industrial and agri-food sectors. In this week’s meeting, the Board of Directors also prioritized the reorganization of Enterprise Greece under the new law, to better promote exports, attract investment and improve the country's image abroad in-line with best international practices.

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