With a total disregard for the financial crisis, Environment Minister George Souflias boldly invited would-be investors to bid for a concession to build and manage the long-awaited one billion euro airport in Kastelli.

According to the minister, the government will contribute 220 million euros towards construction of the new facility, which will replace the existing "Nikos Kazantzakis" in N. Alikarnassos.

The government will hold a 55 percent stake in the new airport's operating company. The winning bidder, which will provide the bulk of the more than one billion euros needed for the project, will have the remaining 45 percent and operate the airport for 35 years.

The new airport will have a capacity to handle between 5.5 and 10 million passengers per year and is projected to start operations in 2015, Mr. Souflias said.

It will be constructed over an area of 600 hectares, incorporating the current military airport in Kastelli. The current runway of 3,000 meters will be upgraded to 3,800 metres to accommodate larger aircraft. An additional area of 22 hectares is being reserved for commercial activity south-west of the new airport.

Greece, in the wake of one of its worst tourism seasons, is seeking private investment to help improve its infrastructure and attract more visitors.

Investors must submit bids for Kastelli airport by Feb. 9, 2010, and the government expects to pick the winning bid in the first half of next year.