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Friday, September 21st, 2012 - Author: Minoan Group
Fast Track is designed to facilitate strategic investment projects and accelerate their approval
Minoan Group Plc, the AIM listed travel and leisure company, is pleased to announce that its Crete
Project (“the Project”) has been granted Fast Track status by the Greek Government.
The decision was taken by Greece’s Interministerial Committee for Strategic Investments, which is
responsible for approving projects for Fast Track, after Invest in Greece S.A. (“IIG”), the country’s
official investment promotion agency, had evaluated and approved the application.
The Fast Track process is part of the significant changes to Greece’s investment laws designed to
facilitate strategic investment projects. IIG will coordinate the overall planning procedure.
Christopher Egleton, Chairman of Minoan, commented:
“We are delighted that the Greek Government has granted our Crete Project Fast Track status. It is
definitely the most significant step yet in terms of bringing the Project to fruition and demonstrates
the Greek Government’s support for what is now recognised as a strategic investment for the country,
one which we believe will yield significant economic benefits including the creation of approximately
We are particularly grateful to the Greek Government for its efficient handling of this process, which
has allowed us to cooperate effectively in addressing any issues as they have arisen. The new
investment legal framework is designed to attract necessary foreign direct investment, like the Project,
to the country.”
The Candia Investment Corporation which, as announced on 20 June 2012, is Minoan’s
financial joint venture partner in the Project investing £2 million for a 10% interest in the
Project with the right to purchase a further 25% for £12.5 million, stated:
“Candia is delighted with the news of the Fast Track status and its significant impact on the Project.
We look forward to a rapid conclusion of the planning process.”
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