CYPRUS: Growth for 2015 through private projects

Communications and Works Minister Marios Demetriades has said that development projects in the state budget for 2015 would be limited due to restricted funds, however growth would be pursued through projects with private investments, such as the privitisation of Limassol Port, energy upgrading of government buildings and street lighting, and the unification of the mobile telephony network.

He said the budget for development projects in 2015 would be €47 mln, while €30 mln would be allocated to public works.

Demetriades explained that most of the funds would be spent on continuing ongoing projects, such as the construction of roads, and that “there are no significant new projects because there is no money.”

“We tried to include some projects in the budget for which there would be results with less money,” he noted, adding that the government would be promoting projects that had no demand in cash, such as the energy upgrading of buildings with the participation of the private sector.