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Cyprus

Demetriades determined to press ahead with procedure to find investors for marina

The Larnaca marina is envisioned to be the largest in Cyprus, hosting up to 1,000 boats.

Communications and works minister Marios Demetriades stressed his determination to see the completion of procedures for the redevelopment of Larnaca’s marina and port within 2017, regardless of parliament’s cutting of the budget for consultancy services for privatisations.

Deputies decided during the final day of the 2017 state budget debate on Wednesday, to cut the expenditure item for the hiring of consultants to advise on the privatisation of public organisations and state enterprises.

Speaking to Cyprus News Agency, Demetriades said that the invitation for the submission of interest for the development of the Larnaca port and marina was opened on November 23, but he was now obliged “to review the process” as he was determined to meet the goal set for its completion next year.

“The decision of the House will have a significant impact on the ability to complete the project because there would be no funds for necessary consultancy services,” Demetriades said. He added that he expected the legislature to “clarify how the project would proceed as per the demands of the people of Larnaca.”

Larnaca marina is set to be the largest in Cyprus, hosting up to a thousand boats; its current capacity is 350.

The deadline for submissions of expressions of interest is February 3, 2017, while the communications ministry would notify those deemed eligible to submit bids, a month later. The successful bidder was expected to be selected by August 2017.

A total area of 510,000 square metres, which includes the Larnaca port, marina, and  the undeveloped surrounding area would be developed.

The port facilities’ privatisation is an obligation under the memorandum of understanding signed with international lenders in 2013.

This is the second attempt to find investors for the project, after previous bidder Zenon Consortium failed to find the necessary funds.

 

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