Talking to CyBC on Monday morning, Communications Minister Marios Demetriades said there has been immense interest from serious investors, who have spent significant amounts of money on the project.

Submission of formal bids will conclude in two weeks time, with the final phase of privatisation expected to be completed by March 2016.

Limassol port, which handles around 2,000 vessels per year and nearly 18,000 tonnes, has become noncompetitive compared with regional rivals such us Piraeus, Malta and Haifa, despite the island’s maritime fleet of around 1,800 vessels being among the top ten in the world.

Port privatisation has been resisted by port workers, but the minister said the dialogue with all Cyprus Ports Authority staff continues and gave reassurances that the government will make sure their rights are safeguarded.

Source: Incyprus