The Northern Road Axis of Crete (VOAK) concession for the Chania-Heraklion section was ratified by Parliament on Thursday evening, voted by New Democracy and PASOK.
SYRIZA, Elliniki Lysi, the Communist Party of Greece, Nea Aristera and Plefsi Eleftherias voted against it, while Niki and Spartiates voted 'present'.
"The Northern Road Axis of Crete is the basic road development axis of the island that will guarantee the safety of transportation, while it will also serve as a catalyst for Crete's economic, tourism, and social progress overall," Infrastructure & Transport Minister Christos Dimas said during plenary debate.
The Chania-Heraklion section is 157 km long, and includes an 'option' section (Kissamos-Chania) that is nearly 30 km long. This option will be exercised after the environmental terms of this section are published, in the near future.
Funding for the project will come from three sources - the concessionaire (own resources, 219.3 million euros, or 243.5 million euros if the option is exercised), the state (693 million euros, raised by 99 million if the option is exercised), and bank loans to the concessionaire (971.8 million euros, raised to 1.079 billion euros if the option is exercised).
The signatories of the concession include the Greek state, Diktaion Concessions Sole Proprietorship, and GEK TERNA. The contract has a 35-year duration, of which 5 relate to the period of reports and constructions.