The €1.2-billion project for the joint redevelopment of the Larnaca port and the Marina area is on track for implementation, Minister of Transport, Communications and Works, Yiannis Karousos, said on Wednesday.

Karousos was briefed today by the holder of the contract, Kition Ocean Holdings, over the Master Plan of the project expected to be completed in four phases.

In statements to the press, Karousos said the investor presented the Master Plan submitted to the Ministry for approval, adding the Master Plan will be submitted to the Department of Town Planning and Housing for the final approvals.

“This is the largest investment in Cyprus to date with a €1.2-billion budget,” Karousos said.

The project provides for the expansion and redevelopment of the existing Larnaca Port and Marina in combination with the real estate development of the area.

On his part, Panos Alexandrou, CEO of Kition Ocean Holdings said the company completed a “significant landmark” with the submission of the project’s Master Plan, adding the plan is expected to receive the final approval within the next ten days.

“All proceed as scheduled and we are ready to begin construction work, hopefully by April 1,” he said, adding that the first works will be the upgrading of the port’s existing pier followed by other infrastructure works necessary for the completion of the project.

He said the €1.2-billion project will be completed in the next 12 years while the first phase will be completed in the next five years.