Larnaca - Contracts have been signed between the government and the Zenon Consortium for the development of the Port and marina of Larnaca, with an investment exceeding 700 million euros.
The Minister of Communications Efthymios Flourentzou said that the project is not only important to Larnaca but for the whole of Cyprus, noting that such projects are expected to boost the economy and create jobs in a recession.
"Our goal," he said, "is to lay the foundation on January 1, 2013 and then immediately begin the implementation of the project."
The work conducted the method of a Public Private Partnership.
"We are implementing the will of the Government and the Ministry to promote this type of work that will significantly strengthen the economy of Cyprus and also create new jobs, especially now that we are in recession."
He said that in the first phase investment of port operations will cost 130 million euros, while later the investment will reach 600 million for residential development.
Flourentzou said the deal was sealed after two years of negotiations and that the signatures give the green light to the consortium to proceed directly for funding, adding that as far as he knows the process of finding funding already are in very good shape.
The other large project which has been approved and going ahead soon is the Piyale Pasha Street,from the Medieval Castle to Mackenzie,involving the reformation of the whole street