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Greece Unblocks Subsidy for Formula 1 Track Construction

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Oct. 1 (Bloomberg) -- Greece unblocked a subsidy of 28.9 million euros ($37.2 million) for the construction of an international-standard racetrack that can be used for staging Formula One car racing, the Ministry of Development said.

The track, which will be designed to host other events as well, including world championship motorbike racing and go-kart racing, will be built in Xalandritsa near the western port city of Patras at a total cost of 94.6 million euros, the Athens-based ministry said in an e-mailed statement late yesterday. Racetrack Patras SA, a private investment company, will oversee the project.

Greek Deputy Development Minister Notis Mitarakis also signed documents to unblock other subsidies worth a total of 44.4 million euros for a project to build a glass pane-making factory in northern Greece and for modernizing and expanding facilities at the luxury Elounda Bay palace hotel in Crete, including the building of a new conference center, according to the statement.

The three projects are the first of seven, each worth more than 50 million euros, that were delayed amid funding difficulties and two general elections. The three projects are collectively expected to generate over 800 new jobs, the ministry said.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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