The privatisations commissioner will serve a four-year term. Herodotou had been confirmed by the cabinet as commissioner in late April following a recruitment and selection process that was contracted out to PricewaterhouseCoopers. Under the relevant law, the government must then inform lawmakers of its selection.

The privatisations commissioner will be responsible for directing and supervising all the activities of a privatisations unit.

Privatising semi-government organisations and state-owned enterprises is a condition for a €10 billion international bailout. Under the deal, Cyprus must raise at least €1 billion by the end of its economic adjustment programme and an additional €400 million by 2018 at the latest, with the cash used to pay down the national debt.

The privatisations unit will oversee the denationalization of several state-owned enterprises – such as the telecoms and electricity utilities – but not the Ports Authority, for which other procedures hold.

Source: Cyprus Mail