Greece Unblocks Funds For Formula 1 Track Construction

English: Rotax World Final Español: Final mundial de rotax (Photo credit: Wikipedia)

The Ministry of Development announced on Monday that it has unblocked a subsidy of some 28.9 million euros for the construction of an international-standard racetrack which will be used for staging Formula One race car events in the western part of Greece. According to reports, the track, which is set to be designed to host other events as well, including world championship motorbike racing and go-kart racing, is going to be constructed in Xalandritsa near the western port city of Patras and will cost an estimated 94.6 million euros. A private investment company by the name of "The Racetrack Patras SA" is apparently going to oversee the project.

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