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Press Release - Decision of the Inter-Ministerial PPP Committee for the construction of an International Conference Center in the Faliro Pavilion (Tae Kwon Do stadium)

05.06.2006 - 17:39
The Greek Inter-Ministerial PPP Committee has approved today the reconstruction of the Faliro Pavilion (Tae Kwon Do stadium) to an International Conference Center under a PPP scheme.
This PPP project will involve the reconstruction of the interior of the Faliro Pavilion to an International Conference Center. The private entity that will be selected will also provide all the necessary maintenance and facility management services for a period of 25 years. The operation of the International Conference Center is not part of this project. The decision for the operation and the selection of the operator will be made shortly, parallel to the procedure for the selection of the SPV for this project. In cooperation with the operator, the Ministry of Culture, the sponsor of this project will determine in detail the availability specification in the tender documents of this project.
The new International Conference Center will have a total surface of 28,000 m 2 and will serve as the venue for hosting international meetings, conferences, business seminars and other similar events. With its construction, focus is given on attracting tourists of high level income, networking greek firms with foreign organizations, promoting the scientific output of greek research, and finally placing Greece as a focal point on the map of conference tourism, especially after the successful organization of the 2004 Olympic Games.
It is estimated that the new International Conference Center will host 100 events during its first operational year, while after the fifth year the number of events will be as high as 200. The operation of the International Conference Center will be a source of important revenue for the Greek State, as it is estimated that revenues from this new wave of tourists will amount to 60 million euros per year.
The anticipated cost of this PPP project, that will have a contractual period of 25 years, is 54 million euros. The heavy maintenance and insurance of the building is not included in this figure, and is estimated up to 20% of the total budget of the project. The availability payments will depend on the quality of the maintenance services, according to predetermined quality criteria.