ECONOMY

NCH Capital Inc gets green light to build resort on Corfu

NCH Capital Inc, a US private equity firm, won permission from the Greek government to build a tourist resort on the island of Corfu.

NCH, based in New York, will spend 23 million euros on the leasehold and invest about 75 million euros to develop a hotel, marina and private holiday homes, said Andi Ballta, the firm’s managing director for the Western Balkans and Greece.

“We were looking at Greece way before anyone considered investing there and that’s put us ahead of the competition,” Ballta said.

Construction may start as early as 2015, he said. [Bloomberg]