articles | 20 March 2014

Cabinet proceeds with the privatisation of Limassol pοrt

Cabinet decides to launch a privatisation procedure for the Cyprus Ports Authority as a term of the island's bailout agreement.

Speaking to the press following a Cabinet’s meeting, Deputy Government Spokesman Victoras Papadopoulos said that the privatisation process provides for a granting of a long term license or right to use or manage the Limassol port’s commercial section. He said that the extent and manner will be decided later, with the assistance of a group of experts.

Recently, the Cyprus House approved a bill on privatizations, amidst intense opposition demonstrations by the trade unions. A roadmap for privatisations had been drafted by the government in December last year. Privatisations are part of terms in the island’s €10 billion bailout agreement. Cyprus must raise €1.4 billion through privatisations between 2016 and 2018.

Source: Financial Mirror

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