The cabinet decided to Wednesday to launch privatisation procedures for Limassol port, around two weeks after parliament gave the green light.
The privatisation process, deputy government spokesman Victoras Papadopoulos said, involved granting a long term licence or right to use or manage the port’s commercial arm.
The extent and manner will be decided at a later stage with the help of experts, the spokesman said.
The decision came around two weeks after parliament approved an umbrella bill on privatisations, which had been fiercely opposed by unions.
A roadmap for privatisations had been drafted by the government in December last year.
Based on the roadmap, the first organisation slated for privatisation is state telecommunications company CyTA.
However, Papadopoulos said, it had been judged that the port was more suitable at this point.
The main organisations slated for privatisation are CyTA, the ports, and the power company, EAC.
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.
Published by: www.cyprus-mail.com