The European Commission, the executive arm of the European Union, has approved 3 billion euros in financial aid to help build four major highways in Greece.
The EU co-financing of up to € 2.97 billion for the 4 projects is part of a total investment cost of €4.6bn.
The project – financed mainly through bank loans, toll revenues, private investors and EU structural funds – had been frozen since 2010, as a result of the crisis, because of the sudden drop in traffic and the expected toll income as well as the reluctance of banks to give loans.
Johannes Hahn, the commissioner for regional policy, said the investment is “central to the country’s economic recovery” and forecast that building the highway will create 6,000 jobs. Of those, 1,700 will be long-term involving the management of the highways once construction is finished by the end of 2015.
The projects relate to the completion of construction on the Ionian highway along the 196 km section between Antirrio and Ioannina in western Greece, the completion of the Maliakos-Kleidi concession passing through the regions of Thessaly and Central Macedonia, the completion of the Elefsina–Corinth– Patra highway, and the completion of the Central Greece highway.
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