Cyprus Parliament approves 2026 deficit budget for Cyprus Ports Authority

The House of Representatives has unanimously approved the 2026 budget for the Cyprus Ports Authority (CPA) totaling €83,950,909. The budget is in deficit, with projected revenue of €65,190,938 and expenses of €83,950,909. Revenues are comprised of port operations (€37,326,560), investments and interest (€4,000,000), leasing of Limassol and Larnaca ports (€13,700,000), European funds (€9,016,870), and other sources (€965,000). Expenditure includes regular costs of €36,111,849, capital expenditure of €45,839,060, and a reserve of €2,000,000 for unforeseen expenses. Regarding infrastructure, the Vasiliko port expansion is co-financed by the Connecting Europe Facility, with the first phase expected by December 31, 2028, and the second phase by early 2030. Furthermore, the Latsi port expansion project, estimated at €45 million, awaits Environmental Department approval before a tender process can begin, with construction expected within 2028.