Mr. Petros Suretis, Authorized Advisor of GEK TERNA. The intervention took place on the panel “Partnering for development: Tools and opportunities for National Infrastructures. The role of PPPs and other tools in accelerating infrastructure, public works and large-scale projects in Greece”.

Mr. Suretis argued that PPPs (Public-Private Partnerships) and Concessions are available and proven tools to provide solutions to major infrastructure problems such as the traffic of the Attica basin and to offer a respite to the citizens, who are suffering every day.

With the country’s fiscal situation and the reduction of European funds for (road) infrastructure not allowing for the required public funding, economic development and at the same time the solution to many citizens’ problems can only come from private capital investments, explained Mr. Suretis, asking the Ministry to make use of tools such as PPPs and concessions, which are proven to offer projects on time, on budget, with high quality and durability.

Thus, argued Mr. Suretis, we will be able to escape from last place in construction investment as a percentage of GDP in Europe of 27, with only 4.8%, when the average of the 27 is at 11.5% and Romania at 16.7!

He also called on the Ministry, as the official spokesperson of the State, to use the new tool it instituted, the Standard Proposals, and to quickly launch the mobilization of private capital in order to find the necessary resources, which it does not have, for infrastructure investments. At the same time, he asked for projects to be prioritized, incentives to be given and disincentives to be removed, citing as examples of incentives city-planning and tax regulations, the legal certainty that could arise through the strengthening of dispute resolution by arbitration, instead of waiting for many years in the courts and more. At the same time, he characterized the unprecedented absence of a reasonable Revision mechanism to cover increases in materials and project costs as an unreasonable disincentive.

Mr. Suretis referred to specific investments, such as the pumped storage project in Amfilochia, with an installed capacity of 680 MW and an investment exceeding €600 million, which on the one hand have a high domestic added value, contributing to development and job creation, and on the other hand provide green and sustainable solutions.

Concluding his speech, Mr. Suretis pointed out the availability of the sector and in particular of the GEK TERNA Group, a leading force in infrastructure concessions and constructions in Greece, with a contribution of 4.8 billion. euros, or 1.12% of the total Gross National Product and approximately 37,500 jobs for the period 2022-2023, to allocate private funds and undertake investment initiatives to advance the necessary projects.