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| Egis Projects to Construct Airports in Cyprus Egis Projects has closed with the Cypriot government the financing of the project for the construction and operation of Larnaka and Pafos airports in Cyprus. On July, 8th 2005, Hermes Airports and the Cypriot government signed a 25 year concession agreement. EgisProjects, a subsidiary of Groupe Egis, is one of the main shareholders (20%) of the concession company, Hermes Airports and has played a leading role in drafting the offer, structuring the project and negotiating with the Cypriot government. The funding of the approximately €640 million capital cost of the project is based on a typical project financing. Alongside Egis Projects, the other investors are international and Cypriot companies, including Bouygues Bâtiment International, YVRAS, Aer Rianta, Nice Airport and their Cypriot partners, CTC, Iacovou, Chapo and Hellenic Mining. Since the announcement of Cyprus' entry into the European Union, Larnaka and Pafos airports have been handling more than 6.5 million passengers per year, of whom about 70% are tourists. This project will increase the airports' capacity to 10 million passengers per year within four years. Construction works will start during May 2006 to end in 42 months. write your comments about the article :: © 2006 Construction News :: home page |