The restructuring of the port of Larnaca and the marina with600 seats is expected to begin shortly after the agreement reached betweenCypriot and Israeli investors after years of negotiations.
Cyprus reached an agreement with Israeli investors on thelong-awaited reconstruction of the port and harbor of Larnaca in the amount of1.2 billion Euros. Transport Minister Yannis Karusos announced on Thursday thatthe government had agreed with a consortium to take up the project afterprotracted negotiations.
Tender negotiations between the two parties have beenongoing since the end of 2018.
According to Karousos, a contract with KITION OCEAN Holding,a Cypriot-Israeli consortium with British interests, is expected to be signedwithin the next 10 days. The project concerns the restructuring of a marina for600 berths, a port and adjacent land on an area of 220,000 square meters. m.that, as expected, the consortium will invest about 1.2 billion euros in theproject.
Plans include the development of a marina with the latesttechnological infrastructure, the transformation of the port of Larnaca into aport capable of serving large vessels, the expansion of moorings and docks, aswell as the construction of a modern passenger terminal.
The consortium also plans residential and commercialdevelopment with innovative architecture, streets and parks. The project isexpected to be completed within 10-15 years.
Speaking to reporters after a meeting with the mayors ofLarnaca County, Karusos said that this is a historic event for the city and theLarnaca region, as well as for Cyprus as a whole. “I am happy to announce thatlast night the negotiations on the development of the port and the Larnacamarina were successful. This is an investment of 1 billion Euros with many benefitsfor Larnaca and the country's economy, ”said Karusos.
Larnaca Mayor Andreas Viras said the deal was a “pleasantsurprise” as the city waited a decade to renew its marina. “This is a new erafor Larnaca. Development will contribute to the growth of the city’s economyand the creation of a large number of jobs. ”
Panayiotis Sentonas, deputy government spokesman, said:“This is a high value-added project for our country, as economic activity isexpected to increase both in Larnaca and elsewhere. It is estimated that theproject will contribute about 126 million euros per year per year. ”