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Reconstruction of the port and Marina Larnaca

27.02.2020

The restructuring of the port of Larnaca and the marina with 600 seats is expected to begin shortly after the agreement reached between Cypriot and Israeli investors after years of negotiations.

Cyprus reached an agreement with Israeli investors on the long-awaited reconstruction of the port and harbor of Larnaca in the amount of 1.2 billion Euros. Transport Minister Yannis Karusos announced on Thursday that the government had agreed with a consortium to take up the project after protracted negotiations.

Tender negotiations between the two parties have been ongoing since the end of 2018.

According to Karousos, a contract with KITION OCEAN Holding, a Cypriot-Israeli consortium with British interests, is expected to be signed within the next 10 days. The project concerns the restructuring of a marina for 600 berths, a port and adjacent land on an area of ​​220,000 square meters. m. that, as expected, the consortium will invest about 1.2 billion euros in the project.

Plans include the development of a marina with the latest technological infrastructure, the transformation of the port of Larnaca into a port capable of serving large vessels, the expansion of moorings and docks, as well as the construction of a modern passenger terminal.

The consortium also plans residential and commercial development with innovative architecture, streets and parks. The project is expected to be completed within 10-15 years.

Speaking to reporters after a meeting with the mayors of Larnaca County, Karusos said that this is a historic event for the city and the Larnaca region, as well as for Cyprus as a whole. “I am happy to announce that last night the negotiations on the development of the port and the Larnaca marina were successful. This is an investment of 1 billion Euros with many benefits for Larnaca and the country's economy, ”said Karusos.

Larnaca Mayor Andreas Viras said the deal was a “pleasant surprise” as the city waited a decade to renew its marina. “This is a new era for Larnaca. Development will contribute to the growth of the city’s economy and the creation of a large number of jobs. ”

Panayiotis Sentonas, deputy government spokesman, said: “This is a high value-added project for our country, as economic activity is expected to increase both in Larnaca and elsewhere. It is estimated that the project will contribute about 126 million euros per year per year. ”

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