ECONOMY

Peloponnesian highway bill tabled

The concession contract for the construction project of the Northwestern Peloponnese Highway has been resubmitted to Parliament for ratification. The project, budgeted at -2.8 billion, has been named as Greece’s most significant road project in terms of both size and cost, and regards the reconstruction of the Corinth-Patras-Pyrgos-Tsakona (Kyparissia) highway. The respective bill is to include a provision that provides for measures to rapidly tackle uncontrolled development in locations included in a reforestation scheme. The road is 365.4 kilometers long, of which 283.7 km are to be constructed as an entirely new swath, while the remaining 81.7 km regard the reconstruction and improvement of an already existing road, most of which was built 25 years ago. The concession contract was won by the Apion Kleos consortium, comprising the companies Vinci SA, Hellenic Technodomiki – TEB SA, Aktor SA, J&P Avax SA, Hochtief Projektentwicklung GmbH, and Athina SA. In return for the construction of the project, the consortium will operate the road for a period of 30 years. The state’s contribution amounts to -550 million. According to the current time schedule, safety on the existing part of the road must have been improved within a year, while the remaining parts should be delivered gradually with the last one after 70 months. Once completed, drivers would have to pay -7.50 in tolls, instead of the current cost of -4.50.