Cyprus Cabinet Okays Ports Privatisation Framework
Aiswarya Lakshmi
Friday, April 24, 2015
Cyprus is pushing ahead with the privatisation of its ports as part of the nation’s rehabilitation plans which will see a number of state-run entities turned over to the private sector.
The Council of Ministers approved amendments to the legal framework governing the operation of the Cyprus Ports Authority.
The legislative plan is now set to be handed to parliament where MPs will be tasked with reviewing the bill at committee level before passing it through for a vote. The plan reportedly outlines that the overall operations of the ports should be take on by a private company although the actual bricks and mortar of ports will still be under the umbrella of the Cyprus Ports Authority.
The Greek Cypriot government will next month launch a tender for the privatisation of commercial operations at Limassol port, the Greek Cypriot Transport, Communications and Works Minister Marios Demetriades said.
“The process is progressing. We would like the process to proceed in the next month and to launch the tender,” he said.
He said that the management of the Limassol port`s commercial activities will be assigned to a private company through a concession for a period of 25-30 years.
A privatisations progamme, part of Cyprus €10 billion economic adjustment programme, includes the privatisation of Limassol Port, the Cyprus Telecommunications Authority and the Cyprus Electricity Authority, aiming to garner €1 billion by 2016.
President Nicos Anastasiades is keen to launch the tender competitions soon with Communications Minister Marios Demetriou setting a deadline of early 2016.