Transport Minister Alexis Vafeadis announced on Friday that both foreign and Cypriot investors have expressed interest in the Larnaca port and marina development project. He encouraged Cypriot investors to participate in the bidding process, emphasizing the importance of ensuring the project benefits future generations.
Following a meeting with the Larnaca mayor, Vafeadis highlighted the significance of completing the project in a manner that would have a lasting positive impact. When asked about potential challenges in attracting investors, particularly given the ongoing situation in the Middle East, Vafeadis revealed that he had received numerous inquiries over the past three months. This, along with feedback from the private sector, has been promising.
“We are confident that we will find an investor,” Vafeadis stated, adding that Qatar is one of several interested parties, although there are other potential investors in the mix.
In addition to foreign interest, Vafeadis stressed that there are Cypriot investors keen on the project. He urged them to participate in the bidding process, expressing the government’s preference for local involvement: “We want Cypriots to take on the project if possible.”
The future of the €1.2 billion development has been uncertain since May, when the government terminated its agreement with Kition Ocean Holdings. This decision was made after Kition failed to meet its financial obligations, including the payment of a financial guarantee, leaving the project in limbo once again.
Source: Cyprus Mail