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You are here: Home » International News » Aviation» GMR Infra & Greek firm offer 480 mln euros to build Crete airport

GMR Infra & Greek firm offer 480 mln euros to build Crete airport

13 April 2017 | Athens


The only bid submitted to build an airport on the Greek island of Crete was priced at €480 million, well below the expected €850 million, sources close to the project said on Wednesday.

The bid was submitted last year by a joint venture of GMR Infrastructure and Greek construction group GEK TERNA. “The financial offer was unsealed on Tuesday,” one of the sources said. The winning bidder is expected to operate the airport for 37 years. Greece has made several attempts to build the airport at Kasteli since 2010, but the country’s seven-year debt crisis has made it difficult to attract investors.

One source said the evaluation process was expected to conclude next month. The country’s infrastructure ministry was not available for immediate comment.

The public-private partnership project, which the ministry had estimated would cost €850 million, will replace the ageing Heraklion airport.

Tourism is an important revenue source for the struggling Greek economy. The country expects 27 million visitors this year, up from 25 million last year.

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