Reuters — NCH Capital, a New-York based investment fund, plans to spend about 100 million euros to build a luxury seaside holiday resort on the Greek island of Corfu, it said on Friday, bringing foreign investment into the cash-strapped country.
Under a privatisation scheme, part of a third international bailout signed last year, Greece concluded on Thursday the lease of a 108.3-acre plot, Kassiopi, to NCH Capital for 23 million euros.
Greece’s privatisation agency has said that NCH will pay the country an additional 2.3 million euros if it achieves a specific target but did not indicate the nature of the target.
The Kassiopi project on Corfu, a popular destination for British, German and Russian holidaymakers, was first tendered in 2012.
Greece is set to miss a 2.5 billion euro revenue target from state asset sales this year and raise only 500 million euros. It is aiming for proceeds of 2.6 billion euros next year.
