President briefs parties on bases development agreement with the UK

The President briefs all interested parties on the recent agreement signed with the U.K. government in London that will allow the development of privately-owned properties within the twin British military base areas on the island.

The presentation took place at the Presidential Palace with the participation of political parties, MPs, local authorities, representatives from the Chamber of Commerce and Industry (CCCI), the Employers and Industrialists Federation (OEV), the Cyprus Investment Promotion Agency and others. The agreement signed will allow Cypriot national resident in communities and villages within 70% of the bases territory to develop their properties commercially without the limitations of military regulations. Britain has retained two military bases in Cyprus, known as the Sovereign Base Areas (SBAs) as well as several other sites after it granted the island its independence in 1960.

Source: Financial Mirror

Cyprus Profile

articles | 23 January 2014