undermine the financial sustainability of the
projects.
The financing gap
In any case, it is estimated that the financing gap
that, apparently, may emerge owing to the crisis,
can be bridged through the absorption of as many
NSRF funds as possible.
Another major development was the approval of a
€650 million loan by the European Investment
Bank to the Greek state. This loan is strictly for
the completion of these road projects. However,
its disbursement is conditional on the ratification
of the deal with the concessionaires by the Greek
Parliament.
Which are these four projects?
1) The Maliakos-Kleidi section of the Athens-
Thessaloniki national road is the most
advanced in terms of construction. This sec-
tion of the PATHE axis, i.e. the Aegean
Motorway, stretches from Raches in Fthiotida
to Kleidi in Imathia, covering a total of 230 kilo-
metres.
The project, which has been contracted to
Aegean Motorway SA, includes the reconstruc-
tion and upgrading of the existing highway, the
construction of a new section, and its operation
and maintenance for a period of 30 years.
The construction of the new section includes: 2
twin tunnels, 2 and 6 kilometres long, in the
Vale of Tempe (the longest road tunnel in the
Balkans); one twin tunnel at Platamonas, with
a length of 2.7 kilometres; 22 bridges; and five
flyovers.
the Greek state. All the concession holders’
claims have been reviewed by Independent
Engineers that comprise an independent audit
mechanism. The total amount of concession-
aire claims that has been recognized by the
Greek state in regard to the construction of the
projects, stands at almost €280 million, and is
less than, or equal to, the amount recom-
mended in each case by the Independent
Engineer. In order to receive payment for each
case, the concessionaires will have to present
the relevant supporting documents, which will
be reviewed by the competent ministry bodies,
as well as independent auditors.
● The adaptation of the technical component of
the projects to the available financial means,
through the rescheduling, and the postpone-
ment in the delivery of, certain sections.
In other words, some sections will be con-
structed later. More specifically, the construc-
tion of the Patras-Pyrgos-Tsakona section of
Olympia Odos and the Trikala-Panagia section
of the E65 motorway, whose approval is pend-
ing with the Council of State, is being moved
forward to a later date.
Despite any changes in the technical compo-
nent, the deal will lead to the completion of
motorways with a total length of 956 km (instead
of the original 1,204 km), which accounts for
80% of the original physical component and
covers almost 95% of the traffic load.
● No change in toll policy, in other words no
reduction in toll charges, since the Ministry of
Development believes that this would further
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