Greeces privatisation agency greenlights €100m investment in Corfu

first_img Facebook Twitter: @NeosKosmos Instagram After four years of talks and negociations, Greece agreed to the lease of a coveted piece of land to international investment fund NCH Capital. The lease will bring 23 million euros ($33.m) to the debt-ridden country that is relying on foreign investments for its financial recovery. Based in New York, NCH Capital manages about $3 billion of funds and has extensive experience in international investments across Europe. It is planning to spend about 100 million euros (more than the initial estimate) to build a luxury seaside holiday resort in Kassiopi, a popular tourist destination, attracting many British, German and Russian visitors each year. Apart from the 23 million that, the Investors will also pay an additional 2.3 million, provided it will achieve certain targets. The group managed to seal the deal, promising to built a facility that will showcase the natural beauty of the coveted area, and that will use the principles of sustainability and eco-friendly growth. Moreover, the Investors are eager to work with Greek professionals to bring this project to life. Privatisations have been a key condition of Greece’s three international bailouts since 2010, but the scheme has so far failed to show any results, bringing in about 3.4 billion euros in revenue, far less than the estimated 50 billion euros that the privatisation plan was aiming for. The Kassiopi project is also set to create more employment opportunities in the region, resuscitating the local economy. last_img

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