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Parliament Approves Cyprus Ports Authority Budget

Published March 26, 2026, 20:13
Parliament Approves Cyprus Ports Authority Budget

The plenary session of the Parliament unanimously approved the budget of the Cyprus Ports Authority for 2026, amounting to €83,950,909. The budget is deficit, with projected expenses of €83,950,909 and revenues of €65,190,938. Revenues mainly come from port operations, investments, interest, European funds, and the leasing of the ports of Limassol and Larnaca. Expenses cover regular needs, capital investments, and a contingency fund. During the discussion, the approval of co-financing for the expansion of the port in Vasiliko through the 'Connecting Europe Facility' (CEF) program was mentioned, with the first phase expected to be completed by 2028 and the second in the first months of 2030. Also, the study for the redesign of the port expansion in Latsi has been completed and is awaiting approval from the Department of Environment for a tender to be announced with an estimated cost of €45 million and completion by 2028. MPs expressed different views. Alekos Tryfonidis (DIPA) emphasized the need for the development of the Larnaca port for the benefit of the economy and the city. Zacharias Koulias (DIKO) expressed concerns about the impact of port privatization, especially in Larnaca, while Christos Orphanides (DIKO) accused the Minister of Transport of maneuvers that delayed the development of the Larnaca port. Andreas Pasourtidis (AKEL) expressed hope for a short-term plan for the management of the Larnaca port, while Sotiris Ioannou (ELAM) mentioned the Authority's readiness to undertake work for the soft development in the province of Larnaca. Overall, the discussion focused on port development, the potential impact of privatization, and the role of the Ports Authority in the economic development of Cyprus.