Ayia Napa Marina construction moves forward with €25 mln financing (CY)

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 mln bank guarantee from M.M. Makronisos Marina Ltd. for the proper execution of the work.
The mayor of Ayia Napa, Yiannis Karousos, expressed his satisfaction saying that the submission of the bank guarantee signaled the start of the construction phase of the project. The construction of the marina will provide more than 800 jobs and, once completed, it will need 350 people to manage its operation.
However, the marina has not been without its critics-conservation group, Protection of the Natural Coastline, has questioned why the marina cannot be built next to the existing small harbor rather than in the heart of the Ayia Thekla-Liopetri Natura 2000 network, the destruction of which will be irreversible.
The Project will be developed on a total land area of 291,989 m². The development will involve the construction of the marina infrastructure, 600 berths accommodating up to 60 meter mega-yachts, commercial facilities and residential developments.
The marina is expected to cost €220 mln and be completed in mid-2018.
Source: Makronisos Marina,  Cyprus Property News