Local sources have informed that the Government of Cyprus has released a study in which it recommends building a brand new prison for 40 % less than previously forecasted through a PPP project.

The investment for the project was previously estimated at €500 million, however, now the study shows that using a PPP model the project cost would be €300 million.

Justice Minister Ionas Nicolaou said on Monday the state is looking to build a new Central Prison. This is considered crucial to bring Cyprus' penitentiary system in line with other European countries.

The new plans dramatically decrease the size of the planned facilities from 60,000 square metres to half that, to house 1,000 inmates watched over by 332 guards. As it is today, the Central Prison houses 553 convicts and 441 guards.

The use of a PPP project was also suggested by the Troika, the tripartite committee led by the European Commission with the European Central Bank and the International Monetary Fund, that organised loans to the governments of Greece, Ireland, Portugal and Cyprus.