President Nikos Christodoulides said on Tuesday that the development of the Larnaca port and marina will proceed as planned, despite the setback.

Speaking at an Edek event marking the party’s 55th anniversary and Cyprus’ 20 years in the EU, he assured that “the project would continue without delays.”

The government on Monday moved to terminate its agreement with Kition Ocean Holdings over the Larnaca port and marina project, leaving the future of the stalled €1.2 billion development up in the air yet again.

Transport Minister Alexis Vafeades said the government was left with no other choice after Kition repeatedly failed to pay its financial guarantee.

Christodoulides mentioned that a cabinet meeting would be held to discuss the issue further, following his discussions with Vafeades.

He stressed the importance of moving forward promptly, ensuring that the project meets strategic needs.

We owe it to Larnaca and its people to find a capable company to handle the development,” he said.

Addressing concerns about job security, the President assured that the workers employed to contribute to the creation of the port do not need to worry, further highlighted “ongoing communication with Larnaca municipality”.

Regarding potential investment interest from the Emir of Qatar Sheikh Tamim bin Hamad Al Thani, Christodoulides confirmed the ongoing discussions on various strategic developments, including the Larnaca port.

He then stressed the importance of capable companies managing such critical projects, mentioning recent talks with Chinese ambassador Liu Yantao on the subject and the continuous efforts at both technical and political level.