The Council of Ministers gave the green light today for the sale of the name and brand of Cyprus Airways to a private investor.

The headquarters of the new airline will be in Cyprus.

“The aim”, said deputy government spokesman Victor Papadopoulos, “is to strengthen the connection of the country to other destinations and countries as well as to create new jobs”.

He stressed that any steps towards this direction should be carried out immediately since, “the commercial value of these trademarks and logos may be reduced over time”.

He added that the appointment of independent financial and legal advisors will follow through the implementation of short, transparent and open procedures.

The cost from the appointment for each advisor will amount to €134 thousand.

The privatization superintendent will assume the tendering process to find financial and legal advisors.

"To ensure the smooth and transparent process, the involvement of the privatization superintendent and the privatization unit is required," he noted.

Mr. Papadopoulos said that the decision to find an investor with the aim of reaching an agreement in connection with the sale of the brand name and logo CAIR held by the state was deemed necessary.

These assets of the state, he concluded, will be used to implement a flight program by the Republic of Cyprus.