Work on the much-awaited Larnaca port and marina €1.2 billion redevelopments is on track, with Cyprus soon reaping the benefits.
Transport Minister Yiannis Karousos visited the port Friday and MPs said the planned Larnaca marina and port development will benefit the town and the entire Cypriot economy.
Speaking onsite, Karousos said the visit was aimed at confirming the marina’s progress while meeting with representatives of Kition Ocean Holdings Ltd, the Israeli-Cypriot consortium awarded the tender in 2020.
“Everything is proceeding according to plan, and I can assure the site will be ready to be handed over to contractors to begin building work on April 1,” Karousos said.
The minister reminded the €1.2 billion redevelopment project is the largest infrastructure investment in Cyprus being carried out, adding that it will help pump around €120 million per year into state coffers.
The first phase starts in April with upgrading existing service buildings in the marina to offer boat owners a first taste of the overall project.
Services offered to boat owners will include smart upgrades by introducing applications and services accessible through their smartphones.
The head of the House Transport Committee, Marinos Moushiouttas, said that the development would benefit everyone.
“It will be a jewel for Larnaca and Cyprus in general. The Committee is monitoring the project’s progress; we are ready to help whenever needed.”
Larnaca Mayor Andreas Vyras thanked the minister and the Committee for their interest to support the project.
“Investors are doing everything they can to proceed as planned.
“What I want to say is that as Larnaca, we are looking forward to this project.
“We have been fighting for decades to see this project come to life, and we are pleased to see it ready to take off.”
It is estimated the project will generate revenues of around €12 billion for the government.
It will create about 4,000 new jobs, calculating those directly tied to the marina operations and businesses that will open outlets in the commercial areas.
The work will be carried out in four phases over 15 years.
The BOT project will see the government receiving fixed rent and a percentage of the revenue through a concession agreement with the port/marina operated on a 40-year lease and the real estate acquired on a 125-year lease.
After 40 years, the port and marina can be handed back to the government.
Reconstruction of the existing marina will accommodate 650 yachts and offer facilities such as boat repairs.
The upgraded marina will also accommodate mega yachts up to 150m.
Construction includes the Marina Yacht Club with offices, cafes, event venues, sailing and diving schools.
An upgraded Larnaca port will accommodate ships up to 450 metres in lengths, such as luxury cruise ships, energy exploration vessels, military, and other merchant ships.
