Eight enterprises of tourist interest have joined the first batch of funding from Recovery Fund. Five are in hotels, two are in Greece’s two major car rental companies, and one is in the shipping industry. These are investment projects with a total budget of $607 million, which are 50% financed by the Fund’s concessional loans, in most of them 30% by commercial banks and 20% by own funds.
Hotels include a $40 million investment plan to build a new 261-room five-star hotel in Kos by Patouris and a $42.3 million plan for a complete refurbishment and upgrade to a five-star hotel. hotel complex in Hersonissos stands out in Crete from Cretan Investment Group of Greece. Patmos Aktis is also investing a total budget of $8 million to expand and modernize it. Also in Apokoronas, Crete, Akti Kalyves Hotel and Tourism Enterprises is implementing a $14.4 million investment project to build a 97-room hotel. In addition, another $1.12 million budget project by Spyridakos Group concerns the energy upgrade of an existing hotel and equipment in Serifos.
However, by far the largest investment plan is that of Avis or Olympic Commercial and Tourist Enterprises to supply a fleet of electric and plug-in hybrid vehicles to acquire rolling stock for green urban transport. Its total budget is $400 million and is funded by two different commercial banks in addition to the Recovery Fund. The second largest investment plan of tourist interest is the $170 million Autohellas plan and the supply of a fleet of plug-in electric and hybrid vehicles. Finally, the shipping company Attica Participation was funded by 50% of the budget plan of 16.3 million to digitize existing systems on 20 of its ships and digitize the services offered.
The investment is among loan agreements signed through the end of October under the National Recovery and Resilience Plan, the details of which were presented in Parliament by Deputy Finance Minister Theodoros Skilakakis. These are 41 contracts, and the total budget of investment projects is 1.8 billion. Of this amount, 824.4 million are the Fund’s loans, 549.4 million are banks, and the remaining 439 million are the same participation of investors. The average interest rate is 1.1% and the average maturity is 11 years.
Source: Kathimerini
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