Regulations On The Commercialization Of Limassol Port… Approved!
Business in Cyprus

Regulations on the commercialization of Limassol port… approved!

Порт Лимассола

ServPRO reports that оn Thursday March 24th, and after thorough examination of the details of the transaction, the House plenary has consented to the commercialization of Limassol port’s activities and approved all the regulations proposed by the parliamentary Transport Committee.

A press release issued on the same day, highlighted the importance of achieving this key milestone, and the fact that this transaction came just in time and in line with the initial time-schedule set by the Ministry of Transport, Communications and Works towards the completion of the process that started almost two years ago.

Transport, Communications and Works Minister Mr. Marios Demetriades noted that “the success of this transaction rests not only upon the significant financial benefit to the taxpayer, which is expected to reach €1.9bn in nominal proceeds, but on the investment in the port operations as well,” further pointing out all the benefits resulting from this transaction.

He further added that “the deep economic value to the Republic of Cyprus will be achieved via improved connectivity of the Limassol Port. The operators have the relationships and know how to improve volumes and efficiencies through modernization of working practices, health and safety and operational systems, as well as to develop the strategic competiveness of the port as an important port in the Eastern Mediterranean”.

Lastly, he commented on the fact that the quality and reputation of the Preferred Tenderers internationally, is testament of Cyprus` ability to attract long term foreign direct investment to support the country’s economic growth.

Аccording to the company ServPRO