Plans to develop and expand the port and marina, as well as the area in-between the two, will take 15 years to complete fully and will span an area of 510,000 m² which will incorporate passenger and cruise ship terminals; berths for up to 650 yachts; a yacht club; residential and commercial properties; green areas; parks; open-air event spaces, and educational and medical centres.
Andreas Vyras, mayor, Larnaca, commenting on the landmark agreement, said, “This is another decisive step towards the implementation of the city’s largest project, and one that will breathe new life into Larnaka and the local economy, with huge prospects for both.”
The project was awarded to the consortium Eldeman Holding BV and Alexandrou Corporate Services Ltd. It will cost EUR1 billion and is expected to boost the local economy by EUR120 million per year.
Yiannos Karousos, minister of transport, communications and works, Cyprus, heralded the agreement as one of the most significant projects on the island, adding that it marks a new page for both Larnaka city and Cyprus in general, bringing welcome news in these harder, pandemic-hit times.