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HomeMarinasLarnaca marina project will boost construction sector

Larnaca marina project will boost construction sector

larnaca-marinaTHE LARNACA marina and port project will inject up to one billion Euros into the construction industry and provide a much-needed boost to the economy, said Communications Minister Nicos Nicolaides on Tuesday.

The minister said negotiations will begin next Tuesday with the winning bidder, A. Vouros Consortium, after one of the losing bidders withdrew their appeal at the Tender Review Board on Monday, opening the path for the project to move ahead.

Nicolaides described it as “one of the largest infrastructure projects ever undertaken in Cyprus” adding “it is an inspired project for Larnaca and for all of Cyprus”.

The total project is expected to generate one billion euros in cost, without any burden on the state, as a private company will take on the study, finance, construction and management of the project for 35 years after which it will be returned to the public sector. The project’s construction and subsequent operation is expected to add a huge boost to the economy, said Nicolaides.

Development involves construction of a port, 1,000-berth marina, hotels and houses. The minister said he expected the port to become the first port for tourism in Cyprus, as well as a transit centre for commerce in the EU.

Although the finer details of the joint venture between the state and private consortium have yet to be negotiated, the public official estimated that the state would earn seven per cent of the total revenue of the consortium annually. He calculated that for a 35-year-period, “we are talking about a sum that goes beyond €100m at today’s value”.

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