Americans help Greece to raise property on Corfu

Americans help Greece to raise property on Corfu

Investors from New York (NCH Capital) will be engaged in real estate development in the western resort island of Corfu in Greece. Greece's state privatization fund said that a request for 23 million euros from the Americans was made, according to ekathimerini.com.

This is the first successful deal with foreign investors and large section of the state property, which accounts for about 50% of the territories involved in an ambitious privatization program in Greece.

NCH Capital will develop Corfu (seaside area in Kassiopi) for 99 years. The state will retain ownership of the 120 acres (50 hectares) of forest ownership. It is expected that the total investment in Kassiopi reach 75 million euros and that will create hundreds of jobs during construction.

The privatization program in Greece is part of the obligations to foreign creditors in a crisis.