Cyprus will launch a tender for the privatisation of commercial activities at Limassol port in May, Minister of Transport, Communications and Works, Marios Demetriades has said.

Demetriades began a series of contacts with the island`s political parties, to brief them on the progress of the privatisation process.

“The process is progressing. We would like the process to proceed in the next month and to launch the tender,” he said in statements following a meeting with the leader of the European Party, Demetris Syllouris.

He said that the management of the Limassol port`s commercial activities will be assigned to a private company through a concession for a period between 25 and 30 years.

“We are confident that we will launch the tender in the next month,” he added.

Asked if the privatisation of the port would boost its operation and increase government revenue, Demetriades said the issue does not only concern government revenue but primarily economic activity.

“We believe that through this process our ports will operate more effectively and will increase economic activity in Cyprus,” he said.

A privatisations progamme, part of Cyprus €10 billion economic adjustment programme, includes the privatisation of Limassol Port, the Cyprus Telecommunications Authority and the Cyprus Electricity Authority, aiming to garner €1 billion by 2016.