On Monday, the Cyprus Ministry of Transport, Communications and Works announced the successful completion of the international tender for the upgrading of the Larnaca port and marina. The reconstruction of the project will be undertaken by a consortium of Eldeman Holding BV and Alexandrou Corporate Services Ltd, representing the interests of Cyprus and Israel.

Recall that the modernization of the port and marina of Larnaca has been discussed for almost 25 years.

It is expected that investments will amount to about 1 billion euros. The benefit to the local economy should exceed 120 million euros a year during the whole period of repair works.

The project includes modernization of the port and construction of new buildings such as a new cruise terminal, expansion of the marina for 650 ships, construction of a new yacht club, residential and commercial development. The marina will have an area of 510.000 m2.

The construction works will start in a year.

Source: CNA