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Cyprus government receives €25 million bank guarantee. Ayia Napa marina project is now real

Posted on: 4/28/2015 10:29:00 PM under General News
An Egyptian entrepreneur has received the approval from the President Nicos Anastasiades for the investment of €220 million for the construction of a new Marina in Ayia Napa, Cyprus.

The construction of the marina will provide more than 800 jobs and, when completed. Operation wise, it  will require at least 350 people to manage the p. The marina is expected to cost €220 million and will have a capacity of around 600 vessels, with a possibility of mooring large yachts up to 60 metres in length. The project will include residential and commercial developments, a hotel, restaurants, bars, cafes, boutiques along with administration offices for its management and operation. When it’s completed in mid-2018 the marina will be declared official entry point to the Republic. The project is of great importance to Cyprus,” Lakkotrypis said outside the presidential palace. Work on the marina is expected to start mid-2015. 

It is firmly believed that the project will enrich Cypriot tourist product and it indeed goes in line with the objective of the new strategy of the country. 

Mr Sawiris said he had opted to invest in Cyprus "because we believe in this country” which has beautiful beaches. The Egyptian businessman said he expected the project to be completed in three years. It will include a marina, a luxury hotel, villas and apartments. He said the aim was to promote Ayia Napa as a top tourist destination.

Now the construction of the marina at Ayia Napa has taken a step forward with news that the Ministry of Energy, Trade, Industry and Tourism has received a €25 million bank guarantee from M.M. Makronisos Marina Ltd. for the proper execution of the work. A few days ago permits for the division of the land were approved for the marina’s road network and the infrastructure needed such as parking areas, green spaces and public walkways. The mayor of Ayia Napa, Yiannis Karousos, expressed his satisfaction with this latest development saying that the submission of the bank guarantee signalled the start of the construction phase of the project. 

Despite the overall positive view on the project, marina still receives negative reviews from a conservation group. Protection of the Natural Coastline has questioned why the marina cannot be built next to the existing small harbour rather than in the heart of the Ayia Thekla-Liopetri Natura 2000 network, the destruction of which will be irreversible. Some local residents and business owners are also concerned about the potential impact the new marina will have on the area’s prized beaches.