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Greece has approved plans to build a multi-million Formula 1 racing circuit, south of Patras in the Peloponnese.
Greek web site ekathimerini.com confirmed Monday that the government has approved the construction of a 94.6 million euro investment (the circuit will cost $40 milions), including buildings 'of an international standard' said the Regional, Development and Competitiveness Ministry in a statement.
Private company Racetrack Patras SA will oversee the project.
The project is expected to be completed in 36 months and needs to be approved by Parliament, the ministry added, helping provide a boost to tourism.
“After the completion of the investment, 497 new job positions are expected to be created and a significant boost to tourism the in the region,” the statement said.
The project will be located 20 kilometres southeast of Patras, in the Halandritsa area.
Greek web site ekathimerini.com confirmed Monday that the government has approved the construction of a 94.6 million euro investment (the circuit will cost $40 milions), including buildings 'of an international standard' said the Regional, Development and Competitiveness Ministry in a statement.
Private company Racetrack Patras SA will oversee the project.
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| Layout of the new circuit. |
The project is expected to be completed in 36 months and needs to be approved by Parliament, the ministry added, helping provide a boost to tourism.
“After the completion of the investment, 497 new job positions are expected to be created and a significant boost to tourism the in the region,” the statement said.
The project will be located 20 kilometres southeast of Patras, in the Halandritsa area.