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Agreement between Cyprus and Qatar approved

The Council of Ministers has officially approved the agreement signed on Wednesday between Cyprus and Qatar for the creation of a joint venture for a major project in Nicosia, which will include a five – star hotel, apartments, offices and a commercial centre.

IN STATEMENTS to the press after the conclusion of the Cabinet’s meeting, Finance Minister Charilaos Stavrakis said that within the next days, the agreement will be send to the House of Representatives and contacts will begin with Qatari officials regarding an action plan for the completion of the project.

Stavrakis referred to the economic benefits for Cyprus’ economy, but noted that this project will not lead to the immediate reduction of Cyprus’ fiscal deficit.

But it will surely help real economy”, he pointed out.

He said that Qatar has studied the state of the Cyprus economy and has decided to invest in Cyprus, “deeming that the Cypriot market is very satisfactory with good prospects, so this is a positive element”.

The Minister said that the project would create jobs and bring state income through VAT.

The Qatari officials, he said, aim to finish the hotel construction in 30 months and added that the Cypriot government would make sure that the project is completed within the set timeframe.

Replying to questions as to Cyprus’ fiscal deficit and public debt, he said that Cyprus is in a better state as the average numbers in the Eurozone.

But he pointed out the importance of Cyprus’ program for fiscal purification.

Cyprus and Qatar signed Wednesday two agreements and four memoranda of understanding, covering sectors such as air services and the creation of a joint venture for a project opposite Hilton Hotel in Nicosia, including a five-star hotel, a shopping mall, offices and apartments.

The agreements and memoranda were signed at the Presidential Palace in Nicosia during official talks between delegations of Cyprus and Qatar, headed by President of the Republic of Cyprus Demetris Christofias and Emir of Qatar Sheikh Hamad Bin Khalifa Al Thani.

Financial Mirror

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