Politis

Budget Deficit at Port Authority Due to Infrastructure Investments

Published March 16, 2026, 14:18
Budget Deficit at Port Authority Due to Infrastructure Investments

The Cyprus Port Authority is facing a cash deficit of approximately €18.8 million in its 2026 budget, which will be covered by the organization's reserves. The deficit is mainly due to significant investments in port infrastructure, totaling €33 million. A large portion of the investments concerns the expansion of the Vasiliko port (€15 million), for which €19 million has been secured from the Connecting Europe Facility program, as well as the expansion of the Latsi port (€15.5 million). Additionally, investments are planned for the upgrading of port infrastructure, enhancing security, and developing digital systems. Activity at the ports remains stable, with an increase in import volumes, particularly in Larnaca. The development of the Vasiliko port is expected to transfer some of the cargo from Larnaca.