Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 8th July 2020
Home Marinas Paphos marina secures funding

Paphos marina secures funding

Paphos MarinaIT APPEARS very likely that the Paphos marina has secured funding and will soon receive the official green light to move on to the next phase – construction.

The president of the Paphos Chamber of Commerce and Industry (PCCI), Andreas Demetriades told the Cyprus News Agency that, according to information received, the Poseidon Grand Marina of Paphos consortium has secured a letter from the Bank of Cyprus in which it guarantees to fund the entire project. The letter now has to be submitted to the relevant authorities by the November 10 deadline set by the tender regulations.

For weeks, the issue of securing financial guarantees had caused setbacks for the winning consortium, with the November 10 deadline looming closer.

Demetriades said that with this letter, the Poseidon Grand Marina of Paphos consortium has resolved the problems that it faced in its bid to secure financial guarantees.

This means that by the end of the year, contracts will be signed between the relevant authorities and the winning consortium, to officialise the deal.

When finally built, the marina will have a capacity of 1,000 berths for boats and will be located in Potima Bay in Kissonerga in an area 155,000 square metres. The project will take approximately three years to be completed.

The president of the PCCI said that the construction of the marina will create multiple beneficial effects for the local economy.

© Copyright Phileleftheros

Paphos marina video

 

4 COMMENTS

  1. Building a fancy floating marina, for oligarchs money laundering and destroying little by little Cyprus sandy coasts?
    Hands off !!!

    Evil walks the Earth !

  2. Let me get this straight?- a bank with one of the highest number of non performing loans on it’s books is underwriting the construction of a somewhat fanciful floating village (and that’s what it looks like to me?) on behalf of one of the biggest “non performers” on the island at a time when the world might just be heading back into some sort of economic downturn?

    What could possibly go wrong?

  3. Where are all the boats going to be docking from in these marinas? I somehow doubt they are likely to be from the North African & Turkish coast and full of refugees..

    Are there any other plans for infrastructure development – not directly for the edification of various oligarchs?

Comments are closed.

WEATHER FORECAST

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1115
RUB
0.0124
CNY
0.1259
CHF
0.9405

TOP STORIES

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.

Decision soon on Pissouri homes devastated by landslide

The government said Monday it will soon have in hand the recommendations of experts concerning the landslide in the area of Pissouri, which has seriously damaged dozens of properties throughout the years.