ECONOMY

Development in eastern Crete secures CoS approval

The Council of State approved on Tuesday a major tourism development planned at Lasithi, eastern Crete.

The “Itanos Gaia” project concerns the creation of a hotel and tourism installations on a plot of 22.1 square kilometers at Cavo Sidero and is the first such project to have reached such an advanced stage.

The application for the project was resubmitted based on new law amendments in its favor following its previous cancellation in 2010.

The draft presidential decree approves the development plan and the environmental effects study, which were submitted late last year. The plenary of the Council of State approved the environmental study, paving the way for the approval of the zoning, town-planning and environmental framework for the project’s implementation.

The investment will be made in an area designated for environmental protection and on a plot that belongs to the Panagia Akrotiriani Foundation which has been conceded to Loyalward Ltd. It is budgeted at 267.7 million euros and is expected to create some 1,200 jobs.