ECONOMY

Greece approves plan for F1 racing track

Greece has approved plans to build a Formula 1 racing track, south of Patras in the Peloponnese, after years of debating where to set up the circuit.

In a 94.6 million euro investment, the project will include buildings and facilities to support the racing track the ministry says will be ‘of an international standard?.

?According to the study, the track will be able to host Formula One cars, Super bike and Go-Kart racing,? the Regional, Development and Competitiveness Ministry said in a statement on Tuesday.

The project is expected to be completed in 36 months and needs to be approved by Parliament, the ministry added, helping provide a boost to tourism.

?After the completion of the investment, 497 new job positions are expected to be created and a significant boost to tourism the in the region,? the statement said.

The project will be located 20 kilometres southeast of Patras, in the Halandritsa area.