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    Reference: 20140625
    Release date: 16 May 2019

    Promoter – Financial Intermediary




    The project consists of the design, financing, construction, operation and maintenance of the New Heraklion International Airport at Kasteli on the island of Crete under a 35-year Concession Agreement. The project also includes the construction of the landside access in the form of an 18km dual-lane motorway and a 6km three-lane road, which will be handed over after construction to the State. The existing civil airport in downtown Heraklion will be closed when the new airport becomes operational and redeveloped.


    The New Heraklion International Airport is part of the overall plan of the Greek Government to improve crucial infrastructure in touristic areas in an attempt to develop further a sector that already contributes significantly to the Gross Domestic Product and employment. The project aims to address the capacity/quality of service, environmental and social concerns around the operation of the existing airport. Furthermore, it allow to free a substantial size of land within Heraklion's urban that could be part of an integrated urban re-generation plan.


    Proposed EIB finance (Approximate amount)

    EUR 180 million

    Total cost (Approximate amount)

    EUR 575 million

    Environmental aspects

    The project was subject to an Environmental Impact Assessment (EIA) process in 2009 finalized with the EIA Decision, approving the EIA Report, issued on 28/08/2009 by the Competent Authority. The decision is valid until 31/12/2019. In July 2017, the Concessionaire has submitted to the competent authority the request to update the EIA Decision. The process is still on going. The compliance with the relevant requirements of the Directive 2011/92/EC as amended by the Directive 2014/52/EC will be checked during the due diligence process.


    The Bank will require the Promoter to ensure that contracts for the implementation of the project have been/will be tendered in accordance with the relevant applicable EU procurement legislation, Directive 2014/23/EU, 2014/24/EU or 2004/18/EC, 2014/25/EU or 2004/17/EC, where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.


    Signed - 13/12/2019


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Greece Transport