Limassol Port Privatization Procedure Underway

World | March 21, 2014, Friday // 10:49| Views: | Comments: 0
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Bulgaria: Limassol Port Privatization Procedure Underway Photo by

A privatization procedure has been launched for the port in Limassol.

Cyprus' Cabinet approved the decision on Wednesday, following a decision of Parliament on March 4 in favor of a large-scale privatization program which has been strongly opposed by unions.

According to a government spokesperson, as cited by local media and the Bulgarian Telegraph Agency, the decision envisages granting a long term license or right to use or manage the port's commercial section.

Under a privatization roadmap drafted by the government in December 2013, state telecommunications company CyTA had to be the first entity to be sold.

However, the sale of the port was subsequently moved forward.

The privatizations are part of Cyprus's EUR 10 B bailout agreement with international lenders.

Under the program, Cyprus must raise EUR 1.4 B through the privatization of three major semi-state-owned companies between 2-16 and 2018. Cyprus is to sell telecommunications company CyTA, energy supplier EAC and the Cypriot Port Authority that runs the ports at Larnaca and Limassol.

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Tags: Limassol, Cyprus, bailout, privatization, troika
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