By L. Karageorgos
[email protected]
A long-delayed tourism-related investment valued at up to 120 million euros in northeast Corfu, a popular Ionian Sea island off northwest Greece, appears finally ready to commence.
The investment entails the development of a 50-hectare tract of coastal land at the Kassiopi site by NVH Capital. The latter won an international tender declared by Greece's privatization agency, the Hellenic Republic Asset Development Fund (HRADF), back in 2011, whereas the final contract between the two sides was signed five years later, in December 2016.
Nevertheless, proverbial Greek administrative 'red-tape' and ubiquitous "local opposition" in the form of numerous and successive lawsuits attempted to block and overturn the privatization.
The concessionaire and the Greek state have, since 2011, faced 11 legal challenges by the municipality of Corfu, the regional government authority for the Ionian islands and local island residents, all of which were dismissed by courts at several levels.
Without even a shovel-full of soil dug up so far, NVH Capital's investment vehicle has already collected nearly 1,000 signatures of relevant authorities for the project, at the municipal level, at agencies and from various ministries.
According to NCH Capital CEO for SE Europe Andreas Santis, the project should have already been completed and operating by now, based on the initial planning, while he nevertheless appeared optimistic that the project will finally begin the construction phase.
According to the investment fund, it has already spent 15 million euros to fight off legal challenges and pay for administrative costs.
