Following the recent passage of the new Development Law by Parliament, Minister of Development Mr. Takis Theodorikakos is focused on streamlining the approval process for strategic investments. Today, he convened an Interministerial Committee meeting to approve four major investment projects, collectively valued at around €780 million, that span the industrial, technology, and tourism sectors.
On Tuesday, technocrats from the relevant ministries and agencies will gather for a meeting of the Coordinating Committee for Strategic Investments under the General Secretary of Private Investments, Stellina Siarapi. This session will review two additional investment proposals totaling approximately €170 million, targeting the agri-food and tourism sectors.
Over the course of these two days, six investment initiatives with a total budget of about €950 million will be discussed, expected to create more than 300 new jobs. The aim is to facilitate rapid approval and support under the strategic investment framework.
The Investments
Among the four projects slated for approval, a notable one is the TITAN Group’s investment in a cement plant in Kamari, Boeotia. The Group plans to construct a significant CO₂ capture unit as part of the larger iFESTOS project.
This initiative, budgeted at €583.79 million, falls under “Strategic Investments 1” and aims to minimize the cement industry’s carbon footprint by producing greener building materials. The Kamari plant will utilize advanced carbon capture technologies, potentially reducing annual greenhouse gas emissions by over 1.9 million tons of CO₂. The project’s financing includes 24.6% equity, 39.3% bank loans, and a €210.53 million grant from the Innovation Fund (36.1%). The initiative also involves establishing a Business Park and installing CO₂ capture technology.
The second investment proposal comes from United Fiber, part of the United Group, which plans to develop a fiber-optic broadband network (Fiber to the Home/Office) aiming to reach 1.6 million households by 2027. With a budget of €93.4 million, this project is classified as a “Strategic Investment 1” and is expected to generate 50 direct jobs as it facilitates the country’s digital transition, funded through a 60:40 equity-to-loan ratio.
The third project is led by Intracom Telecom and focuses on the “HERMES” initiative, with an overall budget of approximately €42.9 million. This project seeks to research and develop advanced wireless transmission technologies and fixed wireless access (FWA) to enable ultra-high speeds (>1Gbps) in remote locations. Classified under “Strategic Investments 2,” it’s anticipated to create specialized job opportunities, primarily researched at R&D facilities in Paiania, with funding composed of 20% equity, 30% loans, and 50% state grants.
The fourth proposed project is from the Municipality of Preveza, which aims to develop a comprehensive tourist complex in the “Poros – Diavati” area. This project includes a 236-bed tourist accommodation, luxury residences, a wellness center, thalassotherapy facilities, and dining options, with a total budget of €60 million. The local development plan estimates the creation of 125 jobs, enhancing the local economy and promoting high-quality tourism. ENTERPRISE GREECE will manage and promote the project, with financing sourced from the future concessionaire.
Pending Approval
After the four projects presented to the interministerial committee, two additional proposals are considered “mature” for preliminary approval during the Coordinating Committee for Strategic Investments meeting next Tuesday.
The first proposal is from KRI KRI, a dairy company based in Serres, which aims to launch the “Greek Yogurt Dynamo” project with a budget of €52.2 million to expand and technologically upgrade its yogurt and ice cream production capacity. This proposal falls under “Strategic Investments 2” in the agri-food sector and includes the installation of innovative equipment, upgrades to cooling and electrical systems, and the expansion of the existing biogas unit to utilize production waste for energy. Financing will consist of 62.9% equity (€34 million) and 37.1% bank loans (€20 million), featuring a tax exemption of €23.55 million and fast-track licensing with the creation of 20 new jobs to support the local economy.
The second project comes from MYRINA VILLAGE Single-Member S.A., a subsidiary of PHĀEA S.A., which seeks to establish a 5-star luxury resort in the “Skouros” area of Viannos Municipality on Crete’s southern coast. With a total investment of €121.1 million, the resort will include 140 hotel rooms, 30 tourist residences, dining, wellness, sports facilities, an organic farm, and eco-friendly infrastructure, striving for a sustainable tourism model. This venture falls under “Strategic Investment 1,” funded through €16.4 million in equity and a €104.7 million bond loan. Expected to begin operations in 2027, it will create 83 jobs annually, increasing to 153 by 2032, and will benefit from various incentives, including expedited licensing, spatial planning, and construction of supporting infrastructure projects.
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