Development Law Extension: What It Means
The Greek government has extended deadlines for three key investment incentive schemes under the Development Law—‘Large Investments’, ‘Special Support Areas’, and ‘Manufacturing’—until 24 July. Though no official explanation was provided, the extension appears aimed at giving businesses more time to finalize investment applications, particularly following recent updates to the tender announcements.
That said, the blanket nature of the extension raises questions. If demand had been truly robust, a last-minute, across-the-board deadline extension would be unusual—especially since previous extensions were typically justified by specific requests from applicants or documented delays in file completion.
What Changes for Large Investments?
The decision doesn’t just add time—it shifts the entire evaluation timeline. Under current rules, assessment of investment plans begins only after the submission deadline closes and must conclude within 90 days. With the new deadline set for 24 July, final decisions are now expected in autumn. This timing is critical: market participants are watching closely to see whether the revised Development Law framework will deliver timely approvals—or continue to operate at a pace that hampers swift investment activation.
The stakes are high. These three schemes collectively carry a €450 million budget, directly influencing corporate planning and capital allocation decisions across sectors.
Aktor’s €950 Million Capital Plan
In parallel, construction and infrastructure group AKTOR has launched a dual-track capital raise totaling €950 million: €650 million via a share capital increase—waiving pre-emption rights for existing shareholders—and €300 million through a private placement of bonds.
The book-building process opens on 21 July via the Athens Exchange’s Alternative Market (AMK), with 80% of the offering targeted at international investors and 20% reserved for domestic ones. Completion is expected by late summer.
Already, Winex (led by Dimitris Bakos and Giannis Kaymenakis) and Castelleano (led by Elias Gkotsis) have signaled intent to participate in the equity portion with a combined €300 million commitment.
The proceeds will fund a €3 billion five-year investment program targeting €650 million in EBITDA by 2031—while maintaining a net debt-to-EBITDA ratio of 4x. Of the AMK-raised funds, €300 million will go toward construction projects; the remainder will support AKTOR’s LNG expansion, including the development of an FSRU (floating storage and regasification unit).
Strategically, AKTOR is prioritizing concession growth in Romania—a cornerstone of its plan—as well as vertical integration in energy, focusing on storage infrastructure, acquisitions of renewable energy assets, and entry into energy supply markets.
Tech Firms Step Up Hiring
Greek technology companies are ramping up recruitment amid growing demand for digital skills and expanding operations. While specific figures and company names were not disclosed in the original text, this trend reflects broader momentum in the country’s tech sector, supported by both domestic investment and EU funding initiatives.