House approves €8.4m supplementary budget for Larnaca port

09:35 - 12 July 2024

Economy

The House of Representatives has approved a supplementary budget of €8,420,000 for the Cyprus Ports Authority (CPA), in light of the termination of the concession agreement with Kition Ocean Holdings Ltd for the development and operation of Larnaca port and marina.

The budget was approved by 34 MPs, while one abstained. The funds will go towards paying the relevant compensations resulting from the contract’s termination.

AKEL MP Andreas Pasiourtides said that overlooking (for now) the reasons that led to the contract’s termination, his party is taking away the promise of the President and Transport Minister that until a final decision is made on how the project will proceed, the state will invest significant sums in the port and marina to ensure certain tasks that were meant to be carried out by the consortium will still go ahead. He added that he was now anticipating the roadmap, timeframes and exact sums that will be invested.

DIKO MP Chrysis Pantelides said the concession contract was problematic from the start and was finalised during an election period. The current government, he added, has made the right decision to protect public interest and taxpayers.

EDEK president Marinos Sizopoulos agreed that terminating the contract was the right decision, adding that the port should in fact be managed by the state.

DISY MP Prodromos Alampritis disagreed that the Kition agreement was reached during an election period, saying it was concluded following a series of studies and calls by the town of Larnaca. However, the contract was not monitored as it should have been, he said.

And House President Annita Demetriou said that the whole affair has taken the Larnaca port and marina back 20-25 years, and that it was a shame and unfair on the town.

House approves €8.4m supplementary budget for Larnaca port

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