The European Investment Bank (EIB) has announced that it would be providing a 28-year, 180-million-euro loan to Greece for the construction of a new airport on Crete.

An agreement to construct a modern international airport at Kastelli on Crete was ratified by parliament on Monday evening, despite criticism about delays in the large project, remuneration for expropriations and environmental concerns.

The bidding process for the financing, construction and operation of the new Kastelli airport project in Heraklion, Crete, has been extended until June 27, Infrastructure Minister Christos Spirtzis said, adding that six parties have thus far expressed interest.