Greece - Country Commercial Guide
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Greece’s infrastructure sector was severely impacted by the financial crisis, where most construction projects were postponed, firms downsized or went out of business, and professionals sought opportunities abroad. The industry has rebounded along with the economy, due to both increased access to capital and structural changes by the government. Since 2019, the government has amended regulations to allow privatization of state-owned assets, and an increasing number of investment projects co-funded with EU have gone public. The infrastructure industry’s growth is estimated at 4.3% in 2023 and 4.1% in 2024. The Ministry of Infrastructure and Transport and the Hellenic Republic Asset Development Fund are the main stakeholders of public tenders including public-private partnerships (PPP) which are preferred and supported by the government. Although there are small-medium firms, the key players in the market include Ellaktor, Avax, GEK Terna, Mytilineos and Intrakat, with the first three winning 84% of the contracts in country. These companies face a $12 billion backlog in uncompleted projects due to supply chain shortages, lack of availability of raw materials, price increases, and limited labor. Still as the market grows, the need for global project management and engineering services is becoming more than evident.

Leading Sub-Sectors

Transport (Ports, Shipyards, Rail, Road)

Transportation infrastructure is expected to increase in value by 2% from 2023-2032. The government has embarked on efforts to upgrade and reconstruct points of entry in order to increase interconnection and make Greece an intercontinental hub and energy exporter. In 2022, U.S. firm Onex acquired the formerly state-owned Elefsina Shipyard, an acquisition that will be supported with $125 million in financing from the U.S. International Development Finance Corporation. Once reconstructed, the shipyard will serve the Greece Navy and commercial fleets, including LNG vessels. Other assets in various stages of privatization include the Scaramanga shipyard and Kavala port. Any winner of these assets is expected to invest in modernization which will create opportunities for U.S. products and services. As an example, Onex signed an MOU with Cisco to collaborate in the digitalization of the shipyard in Elefsina. There also could be a need for project managers as the project developers seek expertise and as the Government monitors the privatization process.

Upgrading Greece’s railway network is a critical priority following the serious February 2023 accident where two trains collided and killed 57 people. Rail infrastructure has been neglected and underfunded for years and despite the introduction of new tenders and securing EU funds for implementation of these projects, a lot remain to be done. To further complement and support the interconnectivity goal, the government has also introduced new road tenders that aim to connect entry points (ports, rail stations, airports) to major cities and logistical centers as well as neighboring countries. Airports and ports already privatized have introduced plans of expansion and investment to facilitate the increase of tourist and cargo traffic.


Greece has received $32.24 billion in funding from the European Union to support energy-related projects. The Russian invasion of Ukraine has positioned Greece to become a potential hub for the region. Although Greece will continue to operate lignite plants to support its energy needs through 2028, it is rapidly diversifying its energy supply by developing new renewable energy sources and its capacity to import non-Russian natural gas. This diversification will involve major infrastructure expenditures. As part of its energy diversification program Greece is targeting to install an additional 18 GW of renewable energy by 2030, modernize its electricity and natural gas distribution and transmission systems (which have been boosted by foreign capital) construct new LNG terminals, and build several international electricity interconnectors.

The needs in the energy sector are broad, ranging from equipment for grid modernization, project managers for design and execution, developers of energy storage solutions, and cybersecurity solutions for critical assets. To learn more, please visit the Energy Best Prospect section.


There are strong opportunities for U.S. firms to provide project management solutions for infrastructure projects, including construction management, consulting or technical advising. According to government officials and key players in the market, the influx of priority projects has increased the need to manage quality and deliver on time. This is also supported by the need to execute projects that receive EU Recovery and Resilience Facility (RRF) funds in time, as this funding comes with strict timelines for project completion. The Greek side is slowly recognizing the importance of project management for both public and private tenders. View information on tender opportunities.

On the private side, there are many projects under development. The Hellinikon Project, valued at 8 billion euro, totals 3% of the nation’s GDP. Located on the site of the former Athens International Airport, this project aims to become the largest multipurpose urban development park in Europe. The project, managed by Lamda Development, will include residences, hotels, shopping malls, parks, wellness and sports recreational activities centers, museums, health centers as well as the revamping of the coastal area and marina.  Two U.S. firms have already won major roles in this development, which includes yet another U.S. firm through the development of an integrated resort.

To compete in public tenders, firms will need a local partner for bureaucratic purposes and to handle the on the ground coordination. This is not required to the same extent for private sector opportunities, but firms would still be required to commit to a physical presence, with a dedicated team for project execution. For firms wishing to provide solutions to project executors, it is necessary to identify projects of interest, and then approach the project executors regarding vendor selection opportunities.


Infrastructure and Transport Conference 2023 | September 18-20 2023 |

To learn more, please contact Infrastructure Industry Specialist Irini Karajani ( for more information.