Minoan granted 'fast track' status for Crete resort

Minoan granted 'fast track' status for Crete resort

A major resort development on Crete planned by Minoan Group has been granted ‘fast track’ status by the Greek government.

The decision means the group now faces just one final hurdle – the approval of a revised environmental impact assessment – before securing the final go-ahead for the project.

Minoan said today that it is confident that this approval will be received in due course.

The proposed €100 million development includes almost 2,000 hotel rooms across a range of properties together with leisure, sports and cultural facilities.

It will create 1,200 jobs in addition to some 500 over a five-year development phase on the Cavo Sidero peninsula, in the north east coast of Crete.

Minoan chairman Christopher Egleton said: "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 1,200 jobs.”

Minoan attracted Candia Investment Corporation as a financial joint venture partner in the development in June, investing £2 million for a 10% interest with the right to purchase a further 25% for £12.5 million.

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