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Cyprus' Cabinet proceeds with the privatisation of Limassol port

Cyprus' Cabinet proceeds with the privatisation of Limassol port
 

Review Hari Stefanatos

Cyprus' Cabinet decided on Wednesday to start the necessary procedures for the privatisation of the Cyprus Port Authority (CPA).

Deputy Government Spokesman, Victoras Papadopoulos , addressed the press after a Cabinet meeting, stating that the privatisation process refers to the granting of a long term license or right to use or manage of the Limassol port’s commercial section, with the extend and manner with which this will happen to be decided at a later time with the assistance of experts.

Privatisations are part of terms in the island’s €10 billion bailout agreement. Cyprus must raise €1.4 billion through privatisations between 2016 and 2018, something that the trade unions strongly oppose.

(Source CNA)

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