Athens International Airport in Greece has reportedly received approval for its expansion and renovation plans.

Situated about 20km east of the Greek capital, Athens International Airport, or Eleftherios Venizelos International Airport, is named after a Cretan politician and prime minister of Greece in the 19th century.

The expansion project is expected to incur a total cost of around €700m.

It will commence after the 14 other regional airports, operated by Fraport Greece, complete their renovation plans.

Under the expansion plans, the work will include the modification of the airport apron and construction of a general aviation track, a building and a taxi rank.

The airport terminal will feature jetways, ramps, VIP and lounge areas and shopping and dining areas.

Its expansion is expected to add 100,000m² of area for the new airport facilities.

After the expansion project, the airport is expected to accommodate 30 million passengers annually, which will rise to 50 million by 2040.

Last week, the European Investment Bank (EIB) sanctioned a €180m loan for the construction of a new international airport at Heraklion in Crete, Greece.

The airport will replace Heraklion’s existing airport, Nikos Kazantzakis International Airport, which is heavily crowded and unable to accommodate extra passengers with the necessary level of service and security standards.

Last September, the Greek Government approved the sale of a 30% stake in Athens Airport.

In June, Fraport Greece unveiled the design of the new Mykonos Airport, which combines modern architecture with the traditional style of the Cyclades.