Latchi to become the first green port in Cyprus under new plans

The Cyprus Ports Authority on Monday presented its 2026 budget before the House of Representatives Finance and Budget Committee, outlining its financial performance and future development plans for the country’s ports.

During the session, Zenonas Apostolou, the chairman of the organisation’s board of directors, highlighted the strategic importance of Cyprus’ ports to the national economy and broader economic activity.

“Our ports constitute infrastructure of national importance, as they are directly linked to trade, energy, shipping and tourism while also serving as a key gateway for economic activity,” said the Apostolou.

The chairman also referred to the authority’s strong financial performance in recent years, explaining that the organisation has recorded steady improvement in its economic results.

“In recent years the Ports Authority has shown a particularly positive financial course, with a steady strengthening of its financial results,” Apostolou stated.

He added that the performance demonstrates that a public organisation can operate responsibly and with proper planning, while also investing in future development.

“This proves that a public organisation can operate with responsibility and proper planning while at the same time investing in the future,” Apostolou explained.

According to the authority, the 2026 budget reflects this philosophy, with higher expenditure mainly directed towards development projects in port infrastructure.

These investments, it stated, are “expected to strengthen the country’s port capabilities in the coming years, enhancing Cyprus’ role in trade and maritime activities”.

A key component of the authority’s plans involves the expansion of the port of Vasilikos, which is considered a strategic investment for the country.

“The expansion of the port of Vasilikos is a strategic investment that strengthens the role of Cyprus as a commercial and shipping hub in the eastern Mediterranean and creates significant prospects for industry and energy,” said Apostolou.

Another major priority concerns the upgrade of the port of Latchi, a project designed to strengthen the infrastructure supporting maritime tourism.

“The upgrade of the port of Latchi will enhance maritime tourism infrastructure and contribute to the development of the remote area of Polis Chrysochous and the wider region, with the aim of creating the first green port in Cyprus,” Apostolou stated.

In addition, the authority plans upgrades to the existing port infrastructure it manages, with the objective of improving efficiency and service capacity across the port network.

The organisation also intends to modernise its internal operations through digital transformation and technological upgrades, including the installation of modern software systems and enhanced cyber security measures.

These efforts, the authority mentioned, will be accompanied by initiatives supporting the green and energy transition, which are expected to improve sustainability across port operations.

Beyond these projects, the authority has also prepared a comprehensive proposal for the management and development of the port of Larnaca, aimed at fully utilising the port’s development potential.

The proposal draws on the long-standing experience of the Cyprus Ports Authority in managing port infrastructure and maritime activities.

The board of directors emphasised that it approaches the budget with a strong sense of responsibility and prudent financial management, ensuring that the organisation’s resources are used effectively.

“The board approaches the budget with particular responsibility, guided by sound management of the organisation’s resources and the safeguarding of its financial stability,” said Apostolou.

He added that the authority’s broader objective is to ensure that investments strengthen the competitiveness of Cyprus’ ports and deliver tangible benefits for the economy and society.

“Our goal is for the investments being implemented to strengthen the competitiveness of our ports and create substantial benefits for the economy, citizens and society more broadly,” Apostolou concluded.