- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Bank of Cyprus loan for Limassol marina

THE Bank of Cyprus will organize a loan of €130 million for the construction of the Limassol marina, after an agreement was reached with the construction company, Limassol Marina Ltd.

The agreement was signed by Mr. Vasos Siarlis, Higher General Manager of Bank of Cyprus and Mr. Marios Lanitis, Chairman of the Company’s Board of directors.

After signing the agreement, Mr. Siarlis said that the Bank of Cyprus’ commitment for financing of this significant project falls under the bank’s policy to finance large infrastructure projects on the island that will improve the tourist product and will boost growth and construction in a period of crisis.

Mr. Siarlis added that this agreement is a proof that Bank of Cyprus is consistent to its commitments for the support of the island’s economy via the funding of big development projects.

Limassol marina will cost €360 million. “It will be able to host 1,000 vessels of different sizes and will include 274 houses and flats as well as restaurants, cafes, bars, shops, gym, SPA and a cultural centre”, the Bank of Cyprus announcement said.

The marina will be constructed with the PPP method (Public Private Partnership) and a long-term lease. The companies that participate in Limassol Marina Ltd are Cybarco Plc, Francoude & Stephanou Ltd, J&P Avax, Joannou and Paraskevaides Ltd, Athena SA, CADS Holdings Ltd and Limassol Marina Development Co Ltd.

The construction of the new Limassol marina, a project expected to enhance and enrich the tourist product in Cyprus, has started officially and is expected be ready in the autumn of 2012.