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VINCI CONCESSIONS AND ITS PARTNERS SIGN A CONTRACT EXTENDING THE ATHENS CORINTH-PATRAS MOTORWAY CONCESSION WITH THE GREEK AUTHORITIES
Olympia Odos , a subsidiary 29.9 % -owned by VINCI Concessions and concession holder for the motorway connecting Athens to Corinth and Patras that went into service in 2017 , has signed a contract with the Greek authorities to extend the concession . A new a 75 km section of the motorway will reach the city of Pyrgos in the west of the Peloponnese peninsula . VINCI Concessions and its partners1 will be responsible for the design , financing and construction of this new section , which it will then operate until 2044 . The concession company will be remunerated in the form of the tolls charged .
The financing of the project , which represents an investment of € 331 million , will include a € 217 million contribution from the Greek state , with the remainder financed by an almost 15 year bank loan . Meanwhile , Olympia Odos has successfully refinanced its existing bank loans amounting to € 495 million .
This new section , operated to the highest motorway standards , will reduce travel time between Patras and Pyrgos by around 40 minutes while improving road safety . It will support economic and tourist development of the
Peloponnese by improving connections with ports and facilitating access to the historical site of Ancient Olympia . The project is part of the Trans-European Transport Network , a European Union programme that aims to facilitate connections and the interoperability of transport infrastructure in Europe .
This new stretch of motorway will bring the network operated by VINCI Concessions in Greece up to 544 km . That network includes the Rion-Antirion bridge which , by linking the Peloponnese to the mainland , will facilitate access from northern Greece to the new section between Patras and Pyrgos .
Nicolas Notebaert , CEO of VINCI Concessions , said , “ the new motorway section between Patras and Pyrgos illustrates the solid and lasting relationship between VINCI Concessions and the Greek authorities . The Olympia Odos motorway , which we brought into service five years ago , has been effective in supporting the country ’ s economic development and improving road safety . Today we are
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