articles | 20 December 2016

Two proposals for Larnaca port development

The House Communications Committee recently convened to discuss the €1.3million in funding for the development of the Larnaca port and marina, which was controversially halted, effectively stunting development in the coastal town.

Two ways to resolve the deadlock were proposed: One is for a bill to be submitted to the House of Representatives which brings the funds back up for a vote by January 20, when the House reconvenes; the other is for the funds to be included in the Port Authorities budget.

The funds for the Larnaca port and marina were cut back, or amended depending on which side of the argument is taken in the political debate, during the recent vote on the state budget for 2017. All involved parties expressed the need for the project to resume, although certain legal issues must first be overcome.

Committee head Georgios Prokopiou said that according to the interpretation of the House President Demetris Syllouris, the funds have not been cut back, but instead they “have been amended”, stressing that the government is able to bring the matter to a vote once more.

Communications Minister Marios Demetriades, meanwhile, noted that they all agree that the project needs to revived, with three to four serious investors out of a potential 41 already showing interest.

Demetriades expressed the desire for a proposal to be submitted which would bring the funds up for another vote in parliament, as there is “already concern on the part of potential investors on whether the project will move ahead”.

The minister did, however, refer to the decision to stop the distribution of the funds as a block to the funds as opposed to an amendment.

Source: InCyprus

Cooperation Partners
  • Logo for Cyprus Chamber of Commerce and Industry
  • Logo for Ministry of Energy, Commerce, Industry and Tourism
  • Logo for Invest Cyprus
  • Logo for Association of Cyprus Banks
  • Logo for Cyprus Investment Funds Association
  • Logo for Cyprus In Your Heart
  • Logo for Cyprus International Businesses Association
  • Logo for CYFA Cyprus
  • Logo for Cyprus Shipping Chamber