A new memorandum of understanding (MoU) has been signed between the Greek government and the Lamda Development investment venture for the Elliniko development on Tuesday.
The MoU includes many improvements on the original agreement, such as increasing the overall investment to 8 billion euros, completion of the investment in a shorter period of time and introducing a clause for to complete 80% of the investment within 12 years.
Following the signing of the MoU about 10,000 jobs will be created immediately, with the overall project expected to generate over 70,000 jobs. TAIPED president Stergios Pitsiorlas explained that the changes introduced have raised the project budget by 1.5 billion euros.
Aside from upgrading the beach and developing residential, recreational and hotel facilities in the areas, the investors will commit to financing and maintaining the metropolitan park on the site. An international tender for a casino license on site will be held at a alter date.
The government has expressed its satisfaction over the improved deal, which was one of the prior actions necessary for the completion of the bailout review.
