Greece has shown fresh intent to launch a bid to hold an F1 race after the Ministry of Development unblocked a subsidy worth €28.9 million to build an international-standard race track.

The circuit is being planned in the port city of Patras and according to a Bloomberg report will run to a total cost of €94.6 million. A private investment company, Racetrack Patras SA, would oversee the building of the track that would also be designed to host motorbike racing and kart racing.

The circuit is part of a wider project signed off by the Greek Deputy Development Minister Notis Mitarakis to inject a total of €44.4 million into projects to create jobs. The news comes amid a four-year recession in Greece, which has seen the country forced to adopt austerity measures after bailouts from the European Union and IMF.

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