These are objectives that needed to be met within the timeframes agreed with Troika as a contribution towards the reform agenda and the exit of the country from the support mechanism under the leadership of the Ministry of Finance.

Just 10 months after the launch of the commercialisation process, we marked the achievement of these objectives [with the signing of the concession agreements for the commercialisation of Limassol Port].

Our country’s economy has gained a new gateway for future growth. A new era begins for Limassol Port. […]

Our commercial and financial approach was a key ingredient to the successful completion of the project. The result of our overall approach was the interest expressed by reputable and experienced operators which strengthened the competitive dynamics enabling us to achieve a very favourable outcome.

In this project, Cyprus has managed to attract two leading global players, marking a symbolic investment axis that extends from Northern Europe to the Middle East, confirming [the country’s] role as a regional hub of the Eastern Mediterranean.

The concessionaires, EUROGATE and DP World, are consortia representing partnerships between strong international and local companies that will work together with the Ministry of Transport, Communications and Works and the Cyprus Port Authority, in its new role as the independent regulator, to develop the activities and the assets of the Limassol Port.

I welcome [them] to Cyprus and we look forward to a close, long-term cooperation based on mutual trust and growth.

As per the concession agreements, the state retains ownership of the Limassol Port. The concessionaires capitalise on their experience and know-how to ensure the future development via the growth of commercial activities and the implementation of best operational practices.

The estimated economic benefit to the state, in proceeds and investments, during the tenor of the agreements is approximately EUR1.9 billion, based on the business plans of the concessionaires.

The amount exceeds the initial expectations of the government, while the benefits […] from the increased activity of the Limassol Port for the Cypriot economy cannot be understated.

Limassol and the Cypriot economy will benefit from the modernisation and operational upgrade of the port as the operators have undertaken to invest in infrastructure and systems that will deliver improved connectivity and better service to users.

The agreements are not only a source of revenue for the economy but also the culmination of a project of vital importance to the growth prospects of our country.

This project is a milestone as it is the first major commercialisation of its kind and the second large concession agreement completed in Cyprus.

It strengthens Cyprus’ position as a modern and secure investment destination in a part of the Mediterranean where the investment risk is increasing.

It upgrades Cyprus’ role in the Southeastern Mediterranean promoting it as an important regional centre of maritime commerce within the greater region.

It improves public finances as the state retains its ownership rights and collects annual income for the taxpayer in the form of fixed asset rents and variable revenue royalties, and of course, tax revenues from the operating entities, while being relieved of the investment cost and risk, which are assumed by the concessionaires.
It strengthens the commercial activity, which will feel the benefits of lower costs and increased connectivity.

It creates new jobs [through] the expansion and development of the port’s operations.

This demanding process would not have been possible without the hard work of all the parties involved.

The excellent personnel of the ministry, the advisers, the management and employees of the Cyprus Port Authority and other related institutions, each played a significant part in achieving impressive results, keeping to strict timelines. We thank them all warmly.

I am certain that this new era will live up to expectations. […]