neo April 25, 2016 No Comments

The Presidential Palace will host the first contract signing with regards to the new operations of the Limassol Port on Monday, April 25 – a move seen as the first definitive step towards its privatisation.

According to In Cyprus, the new operator is due to upgrade the port with investments in infrastructure and superstructure, such as modern equipment, better cranes, sea operations and terminal expansions.

The three contracts will be signed by Communications Minister Marios Demetriades and members of the consortium.

The government hopes to increase profits by €100million per year following prickly negotiations with international lenders Troika and amidst strikes and protests from the port workers.