Work on the delayed Limassol Marina in Cyprus could start in September, providing planning consent is granted.

The Cypriot minister of commerce, industry and tourism, Antonis Paschalides, told MPs earlier this month that problems coordinating different departments had been overcome and that construction was scheduled for September.

Progress stalled in April this year when the banks financing the €300 million project requested extra guarantees, which the government did not agree to.

“The good thing is that the joint venture proceeded with negotiations with the banks and secured loans to start the construction,” said Paschalides. “It is a project that will help not only Limassol but the entire country too.”

A spokesperson for Limassol Marina Ltd welcomed the announcement and confirmed they are ready to proceed as soon as planning consent is granted.

“We’re optimistic that things will go forward very soon,” said the spokesperson. “We’ve secured the interest of the banks. The rest is just a matter of procedure.”

Source: http://www.opp.org.uk

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