Cyprus & World News

Cyprus Cabinet proceeds with the privatisation of Limassol pοrt

20 March, 2014

The Cabinet decided to launch a privatisation procedure for the Cyprus Ports Authority (CPA).

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.