He said that he was briefed on the progress of the work for the  Larnaca Port and Marina, 

adding that this is the biggest investment  project in Cyprus right now, worth more than €1.2 billion.

“Everything is going according to plan,” said Karousos, adding that  “by April 1 

we will be ready to hand the Larnaca Port and Marina to the  investor.” 

The minister also said that the Cypriot economy is set to  benefit to the tune of around €120 million per year.

The company that has been awarded the redevelopment contract, Kition  Ocean Holdings, has said that, 

according to its master plan, the project  is expected to be completed in four phases. Besides the redevelopment  of the 

port and the marina, the project also concerns the real estate  development of the area in the republic’s third largest city.

According to Panos Alexandrou, the contractor’s chief  executive officer, the first works will concern the upgrade of the  port’s 

existing pier followed by other infrastructure necessary for the  completion of the project. 

The first phase will be completed in the next  five years.

The chairman of the House’s Transport Committee, Marinos Mousiouttas,  meanwhile, said that the members 

of Parliament were also briefed on the  works in progress, saying that all stakeholders in Larnaca agree that  the new port and marina 

“will be a jewel for the city and the country as  a whole.”

MPs will monitor the course of the work and are ready to help wherever this is necessary, said Mousiouttas.

Larnaca Mayor Andreas Vyras thanked the MPs for their interest and  expressed his satisfaction over the progress of the work, 

which is going  according to plan.

He went on to say that Larnaca has been fighting for these works for  decades. 

The port and the marina will boost the economy and will improve  the quality of life in the city as a whole, he added.