Nicosia, Cyprus. The House of Representatives unanimously approved the Cyprus Ports Authority (CPA) budget totaling €83,950,909. The 2026 budget is projected to run a deficit, with expected revenue of €65,190,938.
Revenue and expenditure projections
Projected revenue is expected to come primarily from port operations, generating €37,326,560, alongside income from investments, bank interest and various financial revenues amounting to €4,000,000. Additional income includes €965,000 from other sources, €9,016,870 from European funds, and €13,700,000 from the leasing of Limassol and Larnaca ports.
Projected expenditure includes regular expenses of €36,111,849 and capital expenditure of €45,839,060. An additional €2,000,000 has been allocated for unforeseen expenses and reserves.
Vasiliko port expansion co-financing
During the discussion, it was highlighted that the CPA has secured co-financing approval for the Vasiliko port expansion project through the European programme Connecting Europe Facility. The first phase of the project is expected to be completed by December 31, 2028, while the second phase is scheduled for completion in the early months of 2030.
Latsi port expansion redesign
It was also stated that a study on the redesign of the Latsi port expansion has been completed by the authority’s technical services. Approval from the Environment Department is pending, after which the authority is expected to proceed with a tender for the completion of the project, with an estimated construction cost of €45 million and implementation expected within 2028.
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