Work restarts on €3.1bn of Vinci-backed Greek highways

The company a shareholder in the 365km motorway between Athens and Tsakona and a 240km section between Maliakos Bay and Kleidi. The two projects account for a total investment of €3.1bn, with €1.8bn for the Athens-Tsakona road and €1.3bn for Maliakos-Kleidi.

It has taken three years of intensive work with the Greek government and its financial partners to complete in-depth restructuring. Refinancing was finalised last month, allowing construction work to resume early this year.

Vinci Concessions is a 30% shareholder in the Olympia Odos company, which holds the concession for the Athens-Tsakona motorway, and a 15% shareholder in the Aegean Motorway company, the concessionarie for the Maliakos-Kleidi motorway.

Vinci said that the resumption of the projects illustrates the long-term strength of the public-private partnership model, notwithstanding cyclical fluctuations. In addition, the projects boost local economic development.

The resumption of work with a view to opening the motorways to traffic by the end of 2015 will account for about 10,000 direct and indirect jobs during peak construction.  

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