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Cyprus News Agency: News in English, 12-03-23

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] New Finance Minister assumes duties
  • [02] Memorandum for EuroAsia Interconnector
  • [03] 100 days until Cypriot EU presidency
  • [04] Hermes and Chinese firm sign deal

  • [01] New Finance Minister assumes duties

    People in Cyprus have not fully comprehended the extent of the work done towards fiscal consolidation, former Minister of Finance Kikis Kazamias said on Friday, handing over the Ministry to new Minister Vassos Shiarlis, who expressed certainty that success would be achieved with hard work, cooperation and optimism.

    Kazamias said work at the Ministry had not been easy, especially in drafting measures for fiscal consolidation.

    ``Being in Cyprus, I think that we did not understand 100% the feat we have achieved, the Government, the political parties and the social partners. It is easier for those outside Cyprus to comprehend what we have done,`` he said.

    Receiving the Ministry, Shiarlis said that after Kazamias one wonders what one can achieve, and pointed out that he was aware of all the difficulties that he would have to face.

    Shiarlis said that if one did not work hard, there could be no success, and assured he would be the first to make sacrifices in order to achieve the goals set.

    He also called on the Accountant General to deposit his monthly cheque in a state account, as he would be offering his services selflessly.

    Shiarlis announced that during a meeting on Thursday evening, a decision was approved which sets the train of the General Health Scheme in motion.

    After the ceremony, Kazamias publicised his letter of resignation, dated February 28, in which he cites health reasons.

    In his letter to the President of the Republic, Kazamias says his health has not permitted him to dedicate himself as much as he would have wished to his duties, and in view of the obligations of the Ministry of Finance prior to and during Cyprus` EU presidency, also taking into consideration the opinion of his doctors, he felt the necessity to resign from his post.

    [02] Memorandum for EuroAsia Interconnector

    The Electricity Authority of Cyprus (EAC) formalized on Friday its participation in the study concerning the immersion of an underwater electric cable, called EuroAsia Interconnector.

    The cable will link Israel, Cyprus and Greece and consequently these countries with the European electricity network.

    The Memorandum of Cooperation was signed by Chairman of the EAC Charis Thrasou Executive Chairman of DEI - Quantum Energy, Nasos Ktorides, at the headquarters of the EAC.

    The project aims to produce 2000 megawatt, of which 1000-1200 will be produced by EAC. It is estimated to be concluded by 2016.

    [03] 100 days until Cypriot EU presidency

    In just one hundred days Cyprus will be assuming for the first time in its history the six- monthly rotating presidency of the Council of the European Union, on the first of July 2012.

    Deputy Minister to the President for European Affairs, Andreas Mavroyiannis, gave a press conference Friday to mark the occasion, entitled “A hundred days until the Cyprus Presidency of the EU Council”.

    Mavroyiannis said that Cyprus will work as an honest broker to achieve a political agreement on the EU Multiannual Financial Framework (MFF) and to create a ``better Europe`` for its citizens, its neighbours and the world.

    ``The presidency is a huge challenge for Cyprus, being a small state with a small sized public service, away from the European decision making centre``, he pointed out.

    [04] Hermes and Chinese firm sign deal

    Hermes Airports, the company managing Cyprus` airports, and Chinese firm Far Eastern Phoenix concluded in the early hours of Friday a multimillion-Euro deal, believed to yield big financial benefits for Cyprus.

    Under the deal, the Chinese firm will make a multimillion euro investment to develop the old Larnaca airport to a large commercial showroom, bonded warehouses for Chinese goods as well as a small conference centre. The project will render Larnaca old airport as a hub connecting Chinese products with Europe, Africa and the Middle East.

    The deal, to be approved by the Government, was announced during a press conference in the presence of Nicos Shacolas honorary president of Hermes and other executives, as well as of Larnaca Mayor Andreas Louroutziatis.

    President of Hermes Airports Iacovos Iacovou said that under the deal, providing for an investment of hundreds of millions euro, Far Eastern Phoenix will assume the management of the old Larnaca airport for the remaining duration of the concession agreement between Cyprus and Hermes, that is, 19 years with an option to extend the agreement to fifty years.

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