After a lull of several months, an extensive revamp of Panepistimiou Street in central Athens appears closer to starting following the signing of an agreement on Friday between Alternate Environment Minister Stavros Kalafatis and Attica Regional Governor Yiannis Sgouros.

The deal foresees the transfer of funds from the regional authority to the ministry; however, the delay means that it is unlikely the project will be completed before the end of 2015, when the EU-backed National Strategic Reference Framework program expires.

Authorities, however, are optimistic that the project – which entails a 37.9-million-euro pedestrianization of Panepistimiou and a 40.5-million-euro extension of the tram line – will be put to tender in the first three months of 2014.