ECONOMY

Lack of EU funding puts future of Panepistimiou, Faliro revamp projects in doubt

The future of two regeneration projects in Athens has been put in doubt after the European Commission reportedly expressed concerns about the scheme.

According to reports, the Commission does not see the pedestrianization of Panepistimiou Street in central Athens and the revamping of the Faliro coast as suitable for European Union funding at this point.

The two projects are estimated to cost 440 million euros but Brussels reportedly sees other schemes as priorities. The Infrastructure and Environment ministries suggested in a joint statement that Greece may make a new attempt to secure funding for the work in the next few months.

Speaking on Monday, Infrastructure Minister Michalis Chrysochoidis said that more information regarding the two projects would be sent to the Commission in due course.