Athens: The Ministry of Transport, Communications and Works has signed a Memorandum of Understanding (MoU) with the National Fund of Greece (Growthfund) to advance the development and management of port infrastructure in Cyprus and Greece. The agreement, signed in Athens, includes Growthfund undertaking a pilot study for the development of the port and marina of Larnaca.
According to Cyprus News Agency, Growthfund, recognized as the Port Planning Authority, will support the Ministry of Transport in planning and implementing sustainable development initiatives for Cyprus’ ports, starting with Larnaca. The agreement outlines a collaboration to upgrade and modernize Cyprus’ port infrastructure, with Growthfund conducting a study to propose optimal development strategies for Larnaca’s port and marina.
Growthfund is tasked with the development of Greek ports and oversees the creation of Master Plans and licensing procedures for port infrastructure projects. It also contributes to the national strategy for developing Greek maritime infrastructure, supporting ports outside its portfolio.
The agreement was signed by Dr. Marina Ioannou Hassapi, Permanent Secretary of the Ministry, Ioannis Papachristou, CEO of Growthfund, and Panagiotis Stampoulidis, Deputy CEO of Growthfund, witnessed by Stavros Augustides, Ambassador of Cyprus to Greece.
Hassapi stated that the agreement signifies a major step in modernizing Cyprus’ port infrastructure, leveraging Growthfund’s expertise for optimal project planning and implementation. She emphasized Larnaca’s strategic importance and its potential to become a model for sustainable port development, benefitting the local community and economy.
Stampoulidis highlighted the strategic collaboration’s focus on exchanging expertise for developing port infrastructure in both nations. He emphasized the joint commitment to advancing the Blue Economy in the Southeastern Mediterranean and promoting regional development, with Growthfund playing a crucial role in shaping sustainable port development models.
Stampoulidis also noted the importance of reinvesting 50% of revenues from port concession contracts into upgrading regional port infrastructure, which enhances competitiveness and creates new jobs, benefiting the national economy.