Agreement on development of Cyprus’ airports receives award

The government’s concession agreement with a private investor on the development and management of Larnaka and Pafos International Airports has been awarded the Best Transport Project award by the World Finance Magazine.

An official press release said that the agreement has been awarded as the best Public-Private Partnership agreement signed in the EU transport sector in 2013, as it effectively deals with the challenges posed by such projects, ensures quality of design and is considered to be innovative compared to other similar partnerships.

“The award is a recognition of the success of the agreement” the press release said.

Hermes Airport Ltd assumed management and control of Larnaka International Airport and Pafos International Airport on 12 May 2006, under a 25 year BOT (Build-Operate-Transfer) concession agreement with the Republic of Cyprus.

Hermes is a company registered in Cyprus - an international consortium of 9 shareholders, representing a mix of Cypriot and international partners.

Source: Famagusta Gazette