Following the recent approval of the new Development Law by Parliament, Minister of Development Mr. Takis Theodorikakos is aiming to expedite procedures for strategic investments. He has convened a meeting of the competent Interministerial Committee today to give the green light to four significant investment projects. These investments, totaling approximately €780 million, pertain to industry, new technologies, and tourism.

The following day, Tuesday, a meeting of technocrats from the relevant ministries and agencies (i.e., the Coordinating Committee for Strategic Investments) will take place under the General Secretary of Private Investments of the Ministry of Development, Stellina Siarapi. This meeting will consider two additional investment projects totaling approximately €170 million, focusing on the agri-food and tourism sectors, respectively.

In total, over two days, six investment projects with a combined budget of approximately €950 million, expected to create over 300 new jobs, will be discussed for approval or expedited inclusion in the strategic investment framework. This inclusion aims to ensure rapid licensing and the corresponding support provided.

The Investments

Among the four investment projects expected to be approved by the Interministerial Committee on Strategic Investments, the standout is the TITAN Group’s investment in the cement plant in Kamari, Boeotia. Specifically, the Group plans to construct a large-scale CO₂ capture unit, which is part of the broader iFESTOS project.

The project, with a budget of €583.79 million, falls under the “Strategic Investments 1” category and aims to reduce the carbon footprint of the cement industry by producing cement and offering innovative, green building materials. The Kamari plant will be equipped with cutting-edge carbon capture technologies. Depending on the regulatory and licensing framework, the operation of these technologies could lead to annual greenhouse gas emission reductions exceeding 1.9 million tons of CO₂, making Kamari one of the largest carbon capture facilities in Europe. The project’s funding comprises 24.6% equity, 39.3% bank loans, and a €210.53 million grant from the Innovation Fund (36.1%). The project includes establishing a Business Park for a Large Individual Unit and installing CO₂ capture technology at the plant.

The second investment project up for approval is by United Fiber, a member of the United Group, aiming to develop a fiber-optic broadband network (Fiber to the Home/Office) to cover at least 1.6 million households by 2027. The investment has a budget of €93.4 million and is expected to create 50 direct jobs. It is classified as a “Strategic Investment 1” and is anticipated to facilitate the country’s transition to the digital era. The project’s funding will be secured through a 60:40 ratio of equity to bank loans.

The third investment project is by Intracom Telecom. The “HERMES” project, with a total budget of approximately €42.9 million, focuses on researching and developing innovative wireless transmission technologies and fixed wireless access (FWA) to ensure ultra-high speeds (>1Gbps) in remote areas. The project falls under the “Strategic Investments 2” category and is expected to create new specialized jobs. Research will primarily be conducted at the R&D facilities in Paiania, with funding comprising 20% equity, 30% loans, and 50% state grants.

The fourth investment project involves a Local Government Organization, specifically the Municipality of Preveza. The Municipality plans a complex tourist development in the “Poros – Diavati” area, constructing a 236-bed tourist accommodation, luxury residences, a wellness center, thalassotherapy facilities, and restaurants. Including infrastructure works, the Municipality has prepared a €60 million investment budget. According to the relevant study, this public strategic investment will create 125 jobs, boosting the local economy and high-quality tourism. ENTERPRISE GREECE is responsible for the project’s maturation and promotion, with costs covered by the future concessionaire.

Pending Approval

Following the four investment projects to be discussed by the interministerial committee tomorrow, two more projects are considered “mature” for preliminary approval during the Coordinating Committee for Strategic Investments meeting next Tuesday.

The first concerns KRI KRI. The Serres-based dairy company is implementing the “Greek Yogurt Dynamo” project, with a total budget of €52.2 million, to expand capacity and technologically upgrade its yogurt and ice cream production units. The project falls under the “Strategic Investments 2” category in the agri-food sector and includes installing innovative equipment and automated lines, upgrading cooling and electrical systems, and expanding the existing biogas unit to utilize production waste for energy use.

The investment will be financed 62.9% through equity (€34 million) and 37.1% through bank loans (€20 million). The project includes a tax exemption of €23.55 million and fast-track licensing incentives, with the creation of 20 new jobs, contributing to the local economy.

The second investment project is by MYRINA VILLAGE Single-Member S.A., a subsidiary of PHĀEA S.A., aiming to create a 5-star luxury resort in the “Skouros” area of Viannos Municipality, on the southern coast of Heraklion, Crete. The investment will reach €121.1 million and will include a hotel with 140 rooms, 30 tourist residences, dining, wellness, sports facilities, an organic farm, and environmentally friendly infrastructure, aiming for a model sustainable high-quality resort.

The project falls under the “Strategic Investment 1” category and will be financed with €16.4 million in equity and a €104.7 million bond loan. Upon commencement of operations (2027), 83 new annual work units are expected, increasing to 153 by 2032. The project will benefit from various incentives, including fast-track licensing, spatial planning through E.S.CH.A.S.E., concession of shoreline and beach use, and construction of accompanying infrastructure projects.