The consortium responsible for the unified development of the Larnaca port and marina agreed to renew the guarantee after a meeting under President Nikos Christodoulides at the Presidential Palace on Monday. The guarantee amount according to the contract is €10 million.

The meeting included the Mayor of Larnaca, Andreas Vyras, the Deputy Minister to the President Irini Piki, the President of the Chamber of Commerce and Industry Stavros Stavrou, the Assistant Attorney General Savvas Angelides, the Director General of the Ministry of Transport, and representatives from the companies Kition Ocean Holdings and Aroundtown.

In statements after the meeting, the Mayor of Larnaca, Andreas Vyras, mentioned that the President's intervention was very positive and that the company has committed to depositing the guarantee in the coming days, thus the project will continue according to the terms of the contract.

"We expect exactly this implementation of the contract terms as they were stated in the meeting and the discussion," he said.

He added that it was stated in the discussion that the guarantee needs to be renewed for the contract to be applied. Once the guarantee is renewed, he noted, then the rest will proceed according to the terms of the agreement.

Asked whether the works would start in June, he said that this is what the agreement states. He added that the conditions are in place since the license is issued on April 26, tenders have been made, and the implementation of this agreement is expected from both the company and the Ministry of Transport which oversees the contract.

Mr. Vyras stated that, as mentioned, the guarantee will be renewed immediately. Asked about the amount of the guarantee to be paid, the Mayor of Larnaca said he could not refer to it himself and added that the agreement provides for a dispute resolution process. He expressed the opinion that the most important thing is to have a guarantee, as without it, there is no agreement. He noted that the amount of the guarantee was not the subject of the discussion, but the issue was that there must be a guarantee for there to be an agreement.

"The positive thing is that the company mentioned that it will renew the guarantee so that the agreement can continue," he said.

According to information, the President emphasized to the company that for the contract to be considered in effect, the guarantee must be deposited. The company committed to depositing the guarantee and once deposited, all other issues will be discussed. The President did not engage in a discussion regarding demands that the company has.