Cypriot investors eye Larnaca port project

Both foreign and Cypriot investors have shown interest in the Larnaca port project, Transport Minister Alexis Vafeadis said on Friday, urging Cypriots to enter the bidding process.

In statements after a meeting he had with Larnaca mayor Vafeades said it is important that the Larnaca port and marina development project must be done in a way that it will serve the next generations.

Asked if given the situation in the Middle East, there were challenges in finding an investor, he specified that in the last three months, he received multiple phone calls in connection to the matter.

Coupled with information he heard from the private sector, this “encourages us that we will find an investor.”

He added that Qatar is just one investor that has expressed interest but there are others too.

Vafeades noted that there are also Cypriots who are interested and urged them to do so. “If they can enter the bidding process, we want Cypriots to take the project.”

In May, the government announced it terminated 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.

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