- The first green port of Cyprus
- Full utilization of Renewable Energy Sources for its operation
- Investment of €45 million from the Authority's reserves - the largest investment in the modern history of the Authority
The Cyprus Ports Authority, in cooperation with the Municipality of Polis Chrysochous, held an event and press conference to present the decision of the new Board of Directors of the Authority on the expansion of the Port of Latsios on Friday, 1 July 2022. The event took place at the renovated Old Warehouses of the Cyprus Ports Authority, which the Ports Authority granted to the Municipality of Polis Chrysochous for use for cultural events.
The event was attended by the Minister of Transport, Communications and Works, Mr.
Greeting the event, the Mayor of Polis Chrysochous, Mr. Yiotis Papachristofis, referred to the historic decision of the Ports Authority for the expansion of the Port of Latsios, welcoming it and stressing the fact that this expansion was a constant request of the local residents.
Welcoming the event, the Mayor of Polis Chrysochous, Mr. Yiotis Papachristofis, referred to the historic decision of the Ports Authority for the expansion of the Port of Latsios, welcoming it and stressing the fact that this expansion was a long-standing request of the residents of the area. The aim of the Municipality is to further highlight the potential of the area, indicating that "the rolling of this momentous project benefits the development of the Municipality for the benefit of its citizens, since the Port is the most important tourist spirit for the Municipality of Polis Chrysochous and one of the most important milestones in the development effort of the Municipality."
In his speech, the Minister of Transport, Communications and Works thanked the Board of Directors of the Cyprus Ports Authority for their cooperation and continued by stating that "the expansion project of the Port of Latchi is another concrete example of the political will of the Anastasiades Government to undertake actions for the development of border areas." Mr Karousosos also stated that "the benefits of the Port expansion are multiple and affect various sectors, such as the economy and tourism of the Polos Chrysochous Department and Cyprus in general", stressing that "the creation of more berths, combined with the high quality tourism infrastructure operating in the area, will highlight the Polos Chrysochous Department as a popular destination for quality tourism, which can offer Cypriot and foreign visitors a comprehensive tourism experience. Agathokleous said that "as the Cyprus Ports Authority we have invested for several years in the development and optimization of the infrastructure and services provided at the port. We have undertaken a series of projects and actions to ensure that the port of Latsios is a functional, safe and modern port, meeting all the needs of both seafarers and other port users. Today, he continued, the port of Latsiou, as a mixed-use port, accommodates about 350 vessels, either fishing or pleasure boats, while various leisure and catering establishments operate, with the provision of other support services." Mr. Agathokleous, referring to the major development investment of the Authority which is heading towards implementation, hoped that such projects will soon be implemented in our occupied ports as well.
Presenting the decision of the new Board of Directors of the Cyprus Ports Authority, the President of the Authority, Dr. Antonis St. Stylianou stated that "together with the vision for "Cyprus Tomorrow" we are creating the next day for the Cyprus Ports Authority. A day based on three key features that define the new, upgraded role of the Authority: operational, regulatory and supervisory." Dr. Stylianou continued by stating that "the investment for the expansion of the Port of Latsios is worth €45 million and will triple the existing Port, adding 350 new berths based on modern international standards for berthing and docking, create new landside areas and facilities, with the new design also making future provision for the berthing of cruise ships on the outside of the offshore breakwater, will upgrade the port product we provide to the region, will positively benefit the local community and above all will be the first full green development in a port facility in Cyprus - we will create the first green port in Cyprus, having an impact of the new port realities at European and global level, with full respect for the coastal and marine environment."
The Director General of the Cyprus Ports Authority Mr. Anthimos Christodoulides presented the economic and technical parameters of the expansion of the Port of Latsios, stressing that "the development plan is based on studies prepared by the Cyprus Ports Authority through its consultants and includes the expansion of the Port with the addition of 350 new berths and at the same time the creation of land-based supporting infrastructure, such as space for boat maintenance and repair, boat launching and other services such as catering, entertainment, offices, etc. Also, relevant infrastructure will be created to accommodate government services, such as the Port and Maritime Police, Customs, Fisheries and Marine Research Department, etc." Mr. Christodoulides referred to the new projects that will be carried out, such as the construction of a new breakwater approximately 850 meters long, the construction of a new breakwater approximately 215 meters long, inside the west side of the new breakwater, the construction of a new leeward breakwater of approximately 250 metres in length, the construction of new breakwaters inside the new leeward breakwater, the dredging where required, the creation of a new land area of 22500 m2.
Regarding the main financial parameters, it was reported that the viability studies on which the Board of Directors based its decisions were the following: Total capital expenditure is estimated to amount to approximately €45 million. The discount rate used is 3%. The net present value (NPV) of the investment in question amounts to €15,5 million, while the Internal Rate of Return (IRR) of the project is expected to be 3.5%.
(NΓ)
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