Cyprus Mail

€41m for ports payoffs

Containers at Limassol port

THE government on Thursday submitted to parliament a supplementary budget of €41.1m for the Cyprus Ports Authority (CPA), covering payouts related to the pending privatisation of the ports at Limassol and Larnaca.

Of the additional expenditures, €31.1m will be given to licensed porters, the remaining €10m to be paid out to CPA employees opting for early retirement.

A number of employees are expected to be made redundant once the ports’ commercial operations are handed over to private operators.

The privatisation of commercial operations at the two ports is an obligation stemming from a bailout deal between Cyprus and international creditors.

Related Posts

Russian spy chief: we have evidence West involved in ‘sabotage’ of Nord Stream pipelines

Reuters News Service

Iranian police call woman’s death in custody an ‘unfortunate incident’

Reuters News Service

Spurs’ players have to accept rotation – Conte

Reuters News Service

Explainer: Understanding Ethereum’s major ‘Merge’ upgrade

Reuters News Service

Russia requests ‘explanations’ from IAEA on Zaporizhzhia report

Reuters News Service

Rescue efforts underway as China earthquake toll rises to 65

Reuters News Service


Comments are closed.