Demetriades began a series of contacts with the island’s political parties, to brief them on the progress of the privatisation process.

“We are confident that we will launch the tender in the next month,” he said after a meeting with the leader of the European Party, Demetris Syllouris.

He said that the management of the port’s commercial activities will be granted to a private company for a period between 25 and 30 years.

Asked if the privatisation of the port would boost government revenue, Demetriades said the issue does not only concern government revenue but primarily economic activity.

“We believe that through this process our ports will operate more effectively and will increase economic activity in Cyprus,” he said.

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.

Source: Cyprus Mail