Piraeus Bank finances the New Eastern Ring Road of Thessaloniki

Piraeus Bank undertook the financing of the New Eastern Ring Road of Thessaloniki (FlyOver) with a total budget of 373 million euros.

As stated in the relevant announcement, Piraeus Bank is a leading player in the development of key infrastructure projects in Thessaloniki as well, financing the New Eastern Ring Road of Thessaloniki (FlyOver), the largest PPP transaction that has taken place in Greece to date.

After the recent signing between the Ministry of Infrastructure and the contracting companies (a joint venture of the AVAX and Mytileneos groups), the implementation of the project concerning the construction of an Elevated Expressway, approximately 13.5 km long, of which 4 km on a single bridge with 4 traffic lanes, plus two emergency lanes. The project elements also include nine interchanges, eight new bridges and three new tunnels. The upgraded axis will substantially improve road safety and contribute to solving Thessaloniki’s traffic problems, as it is estimated that it will be able to serve 10,000 vehicles per hour in each direction, twice compared to the existing traffic capacity.