Greek parliament approved on Wednesday with a majority the deal for the privatization and redevelopment of the old airport of Hellenikon in southern Athens, Greek national news agency AMNA reported.
All parties voted in favor except the Communist Party and Ultra-Right Golden Dawn.
Under the agreement which was signed in June between Greece's privatization fund and the Greek construction company Lamda Development, the investment will amount to 8 billion euros (8.93 billion U.S. dollars), according to the fund.
The Lamda-led consortium had won an international tender for the development of the site two years ago. However, following the change of government in Greece last year, some of the terms of the contract for the sale of the 100 percent stake in the Hellenikon changed.
Addressing the parliament on Wednesday during the debate at the plenum, Finance Minister Euclid Tsakalotos argued that under the revised deal, the Greek state and people have won more benefits.
The Greek state will gain about 14 billion euros over the next 25 years of the project, he told MPs, according to an emailed statement.
In addition to investors' commitment to spend more in infrastructure works and develop within the first five years the open spaces, under the revised agreement, Greeks will soon enjoy the largest metropolitan park in Europe, the minister said.
The deal for the 99-year lease of the 6.2 million square-meter seaside property is one of the largest strategic investments in Greece in recent years and will help create thousands of job positions, he added.
Opposition parties who supported the project, accused the government of wasting precious time by renegotiating the deal for months.
Currently approximately 800 refugees and migrants are hosted in derelict buildings at Hellenikon. In spring, more than 6,000 people were crammed in the arrivals hall.
The old international airport was put out of operation more than a decade ago ahead of the Athens 2004 Olympic Games.
According to a survey by Greece's Foundation for Economic and Industrial Research (IOBE), the development of the site can create 70,000 job positions over the next two decades and boost Greek GDP by 1.5 percent.
