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Budget Deficit at Cyprus Ports Authority Due to Infrastructure Investments

Published March 16, 2026, 14:11
Budget Deficit at Cyprus Ports Authority Due to Infrastructure Investments

The Cyprus Ports Authority's 2026 budget shows a cash deficit of approximately €18.8 million, which will be covered by the organization's reserves. The deficit is mainly due to significant investments planned in port infrastructure, totaling around €33 million. Major investments include the expansion of the port in Vasiliko (€15 million for the first phase) and the expansion of the port in Latsi (€15.5 million). The Ports Authority has secured €19 million from the European Connecting Europe Facility program for the Vasiliko project. Additionally, investments are planned for upgrading port infrastructure, enhancing security, and developing digital systems. Activity at Cypriot ports remains stable, with an increase in import volumes, particularly in Larnaca. The development of the port in Vasiliko is expected to transfer part of the cargo from Larnaca.