€ 200 million EIB road loan
By Chris Sleight19 May 2008
The European Investment Bank (EIB) has announced a € 200 million loan for the new Korinthos-Patras-Taskona Peloponnesian motorway in south-western Greece, along with the upgrading of the existing Elefsina-Korinthos motorway. The work will be carried out as a Public-Private Partnership (PPP) by the Olympia Odos consortium, comprising Vinci, Hochtief, Aktor, J&P Avax and Athena.
The motorway is designed to improve access between the Western and Northern parts of the Peloponnesian peninsula and the Athens metropolitan area. The work is expected to result in a -20% cut in journey times on the Korinthos-Patras section, a -30% reduction on the Patras-Pyrgos section and a -40% fall on the Pyrgos-Taskona stretch.
The motorway is also expected to be a driver of economic development in the region, which has been designated a priority at a European level because per capita income is less than 75% of the EU average. The project is also a priority under the Trans European Network (TEN) transport initiative.