Greece fast tracks 333 mln euros of investments on Mykonos, Crete and Santorini

Greece has approved 333.8 million euros of investments in hotel, retail and infrastructure projects on three islands (Mykonos, Crete and Santorini) and Athens.

A joint ministerial commitee approved four plans as strategic investments, meaning that they will be categorised as fast track projects that will face less red tape than normal.

The investments focus on the country's strong tourism sector that accounts for some 20 percent of the economy.

The move to categorise the projects as strategic investments is seen as being a major step in speeding up their completion though problems and delays may still arise. The investors behind the approved plans, however, are already active in the Greek economy and real estate market and largely aware of the bureaucratic risks and traps hidden within the country's business landscape.

The four approved projects are:

-The Mykonos Project. To be built by AGC Equity Partners for 50.8 million euros. It will include the construction of two hotel units, a beach area for the berthing of boats and sports facilities.

-Cape Tholos Luxury Resort in Lasithi, on eastern Crete. This project belongs Maris Hotels SA and has a budget of 149.6 million euros. It will be located in the area of Tholos, Kavousi, in the Lasithi area.

-Panita LTD. A shopping mall in Metamorfosi, Athens. Budgeted at 93.4 million euros, the Constantinou group plans to build a shopping mall in the central Athens area that will include stores, cafes, restaurants and heath services. The Constantinou group owns the Athens Metro Mall in Aghios Dimitris, south east Athens.

-Monolithos Marina in Santorini. The Municipal Port Fund of Thira (Santorini) will oversee the construction of a 350 berth marina that will cost 40 million euros.

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