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Wednesday, October 18, 2017

Cyprus Pushes Through Limassol Port Privatisation

March 28, 2016

Image: Limassol Port

Image: Limassol Port

 The Cyprus government managed to push through parliament legislation finalizing the privatization of commercial operations at the island's primary Limassol port despite lacking a majority in parliament, reports Famagusta Gazette.

 
27 deputies voted in favor of regulations detailing the privatization and 20 voted against during a stormy session of the 56-member chamber.
 
Strong opposition by socialist and left wing parties, fanned by an electoral campaign for parliamentary elections in May, had threatened the deals between the government and three international consortium which had obtained the concessions at the port.
 
The Cyprus Transport, Communications and Works Minister Marios Demetriades said that the successful privatisation of the Limassol port is seen as a major boost as Cyprus is poised to wrap up a three-year bailout programme next month.
 
He said that "the deep economic value to the Republic of Cyprus will be achieved via improved connectivity of the Limassol Port. The operators have the relationships and know how to improve volumes and efficiencies through modernisation of working practices, health and safety and operational systems, as well as to develop the strategic competiveness of the port as an important port in the Eastern Mediterranean."  
 
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