Paphos Marina Secures Funding

IT APPEARS very likely that the Paphos marina has secured funding and will soon receive the official green light to move on to the next phase – construction.

The president of the Paphos Chamber of Commerce and Industry (PCCI), Andreas Demetriades told the Cyprus News Agency that, according to information received, the Poseidon Grand Marina of Paphos consortium has secured a letter from the Bank of Cyprus in which it guarantees to fund the entire project.

The letter now has to be submitted to the relevant authorities by the November 10 deadline set by the tender regulations. For weeks, the issue of securing financial guarantees had caused setbacks for the winning consortium, with the November 10 deadline looming closer.

Demetriades said that with this letter, the Poseidon Grand Marina of Paphos consortium has resolved the problems that it faced in its bid to secure financial guarantees.

This means that by the end of the year, contracts will be signed between the relevant authorities and the winning consortium, to officialise the deal.

When finally built, the marina will have a capacity of 1,000 berths for boats and will be located in Potima Bay in Kissonerga in an area 155,000 square metres.

The project will take approximately three years to be completed.

The president of the PCCI said that the construction of the marina will create multiple beneficial effects for the local economy.