According to a statement from the Ministry of Shipping and Island Policy, the co-signing of the Greek government's contract for the mega-yacht marina in Corfu was approved by the Cabinet yesterday.

This is the contract from the Greek state for the sub-concession of the right to build the marina for large vessels (mega-yachts) within the port of Corfu by the company Lamda Marinas Investments, a subsidiary of Lamda Development.

The Cabinet of Ministers granted authorization to the three Ministers of Economy and Finance, Shipping and Island Policy, and Tourism to sign the agreement.

As it follows from the contract, the concession will have a duration of 40 years, and the contract will be ratified by the Greek Parliament.

In a statement after the cabinet meeting, Deputy Minister of Shipping and Island Policy Stefanos Gikas said: "I am very satisfied because a long 4-5 year effort with the OLKE, TAIPED, the relevant ministries, etc., has come to an end. The mega-yachts marina is a particularly important infrastructure project, which, together with the marina in Spilia, is going to boost marine tourism in Corfu and bring very high-quality tourism to the island.

It will also contribute to strengthening the country's tourism product, especially in a region such as the Ionian Sea, where on the one hand there is an increased demand for berths in marinas and on the other hand our country is under pressure from emerging neighbouring competitive markets."

According to the Deputy Minister, several new jobs will be created in the region, both during the construction phase and during the operation of the marina. "The benefits from the conclusion of the contract are multiple. The Greek state will have a direct financial benefit of 20 million euros, while another 20–25 million euros are to be invested in the construction of the marina. An annual rent will also be paid," said Mr. Gikas.

The contract is expected to be signed next month and ratified by Parliament.