Trade with Greece
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But, first of all, let’s have a look at the role and
scope of HRADF. The Hellenic Republic Asset
Development Fund (HRADF) was established in
2011 with the purpose of developing the private
assets transferred to it by the Greek state, in
accordance with the internationally undertaken
commitments and the provisions stated in the
Medium-term Fiscal Strategy Frameworks.
The Fund’s basic aim is to attract substantial
flows of international capital. The opening-up of
particular market sectors accomplished through
privatisations, contributes to the creation of new
jobs, while communicating the privatisation plan
generally creates the appropriate environment for
re-establishing the country’s credibility abroad.
The privatisations so far
Since its establishment, the HRADF has complet-
ed 36 privatisations of assets. Total revenues
from these 36 privatisations stand at 6.7 billion
euros, 3.4 billion euros of which has already been
collected.
An amount of around 7 billion euros should be
added to the above sum – this amount will flow
into the Greek economy in the form of mandatory
direct investments, which are included in the con-
tract agreements for these 36 projects.
For example, COSCO, which initially acquired
51% of the Piraeus Port Authority, has signed an
agreement for mandatory investments for 300
million euros within the first five years, and the
company announced recently that it intends to
increase that amount to 800 million euros.
Moreover, Fraport, which will operate 14 regional
airports, will realise investments of 350 million
euros within the first four years.
There are now four major projects underway:
• Sale of 67% of the shares of Thessaloniki Port
Authority
• Sale of 100% of the shares of ROSCO (rolling
stock maintenance for railways)
• Extension of the concession agreement for the
Athens International Airport
• Concession of the Pylos Marina in the
Peloponnese
There are more in the pipeline for immediate kick
off, the most prominent being the concession for
the “Egnatia Odos” motorway –a vital motorway
that basically connects Turkey with the Balkans
and Italy through Greece– as well as the conces-
sion of Alimos Marina in the Attica region.
Worldwide Investors
By announcing public tenders, the HRADF has
managed to attract investor attention not only
from Europe, but from all over the world. Besides
the Chinese group COSCO and the German
group Fraport, the bidder for the crucially impor-
tant development of the tourism property in
Kassiopi (Corfu) is the American fund NCH
Capital; for Astir Vouliagmeni (Athens) the AGC
Equity Partners with the participation of two sov-
ereign funds of Abu Dhabi and Kuwait, together
with Turkey’s Dogus Group etc. For the Hellinikon
