T
he resumption of the stalled projects will
lead to the creation of almost 30,000 new
jobs, as well as the improvement of the
road network and road safety, since the construc-
tion of 4 motorways ensures the completion of the
trans-European transport network (TEN-T) that
traverses Greece, while other important upshots
include the immediate invigoration of both the
entire construction sector and the building materi-
als industry (two sectors that are inextricably
linked, employ tens of thousands of workers and
have been directly hit by the current economic sit-
uation)
,
as well as the confidence shown in prac-
tice by major international investors that have
invested, and are willing to keep on investing, in
Greece. Moreover, the restart of the projects, in
which large Greek and foreign construction com-
panies are involved, is expected to send a
resounding message regarding Greece to other
potential international investors.
The Ministry of Development, Competitiveness,
Infrastructure, Transport and Networks is
attempting to breathe new life into “Ionia Odos”
(Motorway 5), National Road E65, “Olympia
Odos” (Motorway 8) and the Aegean Motorway,
through this deal that, notably, downsizes the
overall physical component of the projects, 20%
of which are transferred to a second stage. The
reduction of the technical component of two high-
way projects also brings down their construction
costs, while it is estimated that the remaining sec-
tions will be delivered in 2015-2016.
The construction of the other 80% of the projects
is scheduled to continue as planned. The deal
also provides for no change in toll policy, as toll
revenue loss already amounts to almost 45%.
This loss will be proportionally shared between
the state and the concessionaires.
According to estimates, a possible agreement
between the construction joint ventures and the
42 Greek and foreign banks that had been financ-
ing these four projects, will lead to the restoration
of almost 30,000 direct jobs that were lost due to
the freezing of the projects during the past few
Trade with Greece
93
By Panayotis Efthimiades
The government aspires to bring the bulldozers back
into the main highway projects, having reached a
gentlemen’s agreement with the four joint ventures
that have been constructing the country’s major road
axes, while the banks’ attitude remains key to the
whole venture.
The government’s aim is to capitalize on the reversal
of the overall climate and boost the country’s
growth, since the funds allocated for the completion
of the projects are equivalent to almost 2% of GDP.
Motorways become
the linchpin of major
project policy
