EU Commission invests €252mn, of the €20.4bn structural fund available to Greece, in major highway
On the 14th June, in Brussels, Johannes Hahn, Commissioner for Regional Policy, announced that the European Commission had approved an investment of €252 million, from the structural fund, to build a major highway running through the Peloponnese region in Greece. The project, which is the second big motorway construction project to be approved in a month, will cost €296 million in total, with €252 million coming from the EU and the remainder coming via national and private investments. The new road, which during the construction phase will create 6,000 new jobs, is one of 181 priority projects presented, by the European Commission last November, with the aim of stimulating growth in Greece and current funding comes from the €20.4 billion available for the country in structural funds or the period from 2007 until 2013.
Johannes Hahn said, “This new motorway concession in Greece is a good example of how structural funds can stimulate public-private investment and make it happen. It will connect the Peloponnese region to the rest of Greece and the EU, providing new opportunities for growth. It shows as well that our priority projects are really gathering speed.” (IP/12/606) The new motorway, which will reduce the travelling time between Korinthos, Tripoli and Kalamata (159 km) from 2 hours and 30 minutes to 1 hour and 52 minutes, and Tripoli to Sparti (46 km) from 1 hour to 45 minutes, will open up the region to further investment. The axis, which belongs to the Trans‑European Transport Network (TEN-T), will be managed by Moreas A.E. and includes the construction of seven tunnels that should be finished by the end of 2013. It is hoped that parts of the motorway will be finished and i use before the end of 1012. EU funding comes via the European Regional Development Fund (ERDF) and forms part of a programme called “reinforcing accessibility” to improve transport infrastructure in Greece by 2013.
"This is one of the so-called "major projects", of which the total public funding is above €50 million and thus subject to a specific decision by the European Commission, whereas other types of projects are approved at national or regional levels. In November 2011, a list of 181 co-funded priority projects of high investment value was identified together with the Greek authorities. The list accounts for 56% of the available cohesion policy investment in Greece for the period 2007-2013. On it, 13 major projects have been adopted by the Commission (see also IP/12/549)." (IP/12/606)
Last Updated (Monday, 09 July 2012 13:37)