Cyprus and Zenon Consortium have signed a contract for a joint transformation of the Larnaca port and the Larnaca Marina, in a massive project entailing total investment close to 800 million EUR.
Speaking to CNA, Cyprus Minister of Communications and Workds Efthymios Flourentzou said the project is very important both for Larnaca and Cyprus as a whole, noting that such projects will boost the economy and will create new jobs at a time of financial recession.
He noted that the aim is to lay the foundation stone for the project on January 1 2013. The contract is on a Public Private Partnership basis.
"With this project we implement the government’s and the Ministry`s will to promote such projects which will boost the Cypriot economy and will create new jobs particularly in a time of financial recession," Flourentzou told CNA.
He said that at its first phase, the project provides for an investment of 130 million EUR for port infrastructure such as a new passenger terminal, while the second and third phases include a project of 55 million euro for the expansion of the port and marina. The project also includes an investment of 600 million EUR for the development of a land area totaling 200.000 square metres, including the building of five star hotels, leisure and retail development, all linked via a promenade to ‘down town’ Larnaca and its beaches.
The marina will have a 500-berth capacity at the first phase and will later expand to 1.000 berths.
"Our aim is to transform the Larnaca port to a modern cruise ship port, Cyprus main cruise ship port which would also have commercial ship capabilities, he added.
Under the contract, the consortium must secure funding for the project within six months from the signing of the contract while the first and second phase projects will be completed within the next three years.
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