The Transportation Committee approved today the permit which will allow the Government to lease the land to a strategic investor for the development of the project. The project will be implemented in two phases, the first will take 3 years to complete and will cost half a billion euro while the second will be done in 7 years and will cost another 2 billion euro.
The plans include a tourist port for large cruise ships, a marina for 1000 yachts, luxurious hotels and apartment blocks. The development will be undertaken by a private company which will be managing the new port and marina for 35 years and after that its ownership will be returned back to the Cypus Ports Authority.
Arrangements have been made to compensate current port workers or relocate them to Limassol’s port.