Nicosia, Cyprus. Cyprus lawmakers were told on Monday that the Cyprus Ports Authority’s 2026 budget includes no spending on expansions or upgrades at Larnaca port, with only funds allocated for temporary management.
2026 budget figures and Larnaca allocation
MPs reviewed the Cyprus Ports Authority’s balance sheet for 2026, showing expenditures of €84 million and projected revenues of €65 million. The only budgeted spending related to Larnaca port concerns temporary management.
CPA proposal and government decision pending
CPA director Anthimos Christodoulides said the organisation has submitted its own proposal for Larnaca port that provides for “mild development,” including investment in infrastructure, machinery and human resources. He said the CPA is awaiting a government decision on the port and is ready to undertake the work.
Background to the concession termination
In May 2024, the government terminated the port and marina concession agreement with Kition, with Transport Minister Alexis Vafeades saying the company had violated a material condition of the contract. The government accused Kition of refusing to pay a required financial guarantee for the project’s operation and maintenance, with the overall contract valued at €1.2 billion.
Current management arrangements
Following the termination, the government entered talks with the Cyprus Marine and Maritime Institute to manage the marina as a stopgap until a new operator could be found to take over the stalled development project. The port is currently managed by the CPA, while the marina is managed by the transport ministry.
What do you want to see prioritised in any future development plan for Larnaca port?