The Government of the Republic of Cyprus, through the Minister of Communications Marios Demetriades, has reported interest from investors to license part of the commercial operations of the Limassol Port.

According to sources, Philippine port developer ICTSI is among the investors expressing interest in the project.

Demetriades said that the government has appointed Rothchild as their financial advisors and the legal firms Kypros Chrysostomides and Co and Holman Fenwick and Willan to prepare the tender.

The government held a meeting on Tuesday, kick-starting the process for the privatisation of the island's main commercial hub. The Minister told local sources that the meeting focused on a draft assessment of market conditions and the evaluation of Limassol Port's competitiveness, physical and operational conditions.

Demetriades told a local source:

"We are well within the deadlines, we appointed a reputable group of advisors with international expertise and we are optimistic about securing investors for the port."

A privatisation plan approved by the Council of Ministers noted that the most suitable privatisation method for Limassol port is long-term leasing with a port operator after an international tender by December 2015.

The Limassol Port is situated on the outskirts of the country's second main city in terms of population and economic significance. The port has become the principal seaport in Cyprus. It is the largest and busiest harbour on the island, capable of handling vessels up to 250m size for berthing in 14m of water. It is entered through an approach channel which is 15m deep and 150m wide between the ends of two breakwaters.

In April this year the government published a tender process for the provision of consulting services, expert advice and advisory support to the Government in the project.

The government aims to secure €1 billion by 2016 with the sale of Limassol port and Cyprus Telecommunications Authority. This privatisation is part of the plan to pay Cyprus' €10 billion bailout.

In June this year we reported about to PPP project in the Republic of Cyprus:

• Limassol wastewater treatment plant DBOM project
• Cyprus new prison PPP project