The €1.2-billion venture for the joint redevelopment of the Larnaca port and the Marina space is on monitor for implementation, Minister of Transport, Communications and Works, Yiannis Karousos, mentioned on Wednesday.
Karousos was briefed right this moment by the holder of the contract, Kition Ocean Holdings, over the Grasp Plan of the venture anticipated to be accomplished in 4 phases.
In statements to the press, Karousos mentioned the investor introduced the Grasp Plan submitted to the Ministry for approval, including the Grasp Plan shall be submitted to the Division of City Planning and Housing for the ultimate approvals.
“That is the biggest funding in Cyprus thus far with a €1.2-billion funds,” Karousos mentioned.
The venture gives for the growth and redevelopment of the present Larnaca Port and Marina together with the actual property improvement of the realm.
On his half, Panos Alexandrou, CEO of Kition Ocean Holdings mentioned the corporate accomplished a “vital landmark” with the submission of the venture’s Grasp Plan, including the plan is predicted to obtain the ultimate approval throughout the subsequent ten days.
“All proceed as scheduled and we’re prepared to start development work, hopefully by April 1,” he mentioned, including that the primary works would be the upgrading of the port’s current pier adopted by different infrastructure works needed for the completion of the venture.
He mentioned the €1.2-billion venture shall be accomplished within the subsequent 12 years whereas the primary section shall be accomplished within the subsequent 5 years.