Cyprus Port Authority 2026 budget approval

The Parliament of Cyprus has unanimously approved the 2026 budget for the Cyprus Port Authority, amounting to €83,950,909. This budget is deficit-based, with total expenditures set at €83,950,909 against projected revenues of €65,190,938. Key revenue sources include port operations at €37,326,560, leasing of Limassol and Larnaca ports at €13,700,000, and European funds totaling €9,016,870. Expenses are categorized into €36,111,849 for regular operational costs, €45,839,060 for capital expenditure, and a €2,000,000 reserve. Regarding infrastructure, the Vassiliko port expansion is co-funded by the Connecting Europe Facility (CEF) program, with phase one expected by December 31, 2028, and phase two by early 2030. Furthermore, the Latsi port expansion project, estimated at €45 million, is awaiting environmental approval before a tender process can be launched with an implementation target of 2028.