The Hellenic Republic Asset Development Fund (TAIPED), acting as the Port Planning Authority, has been assigned the responsibility of developing the Master Plan for Larnaca Port and Marina. This decision follows an official directive from the President of the Republic of Cyprus.

According to information obtained by Brief, TAIPED, leveraging its extensive experience in managing the environmental maturity of large-scale investment projects and its technical expertise, will oversee the strategic development of Larnaca’s port infrastructure. Additionally, it will provide recommendations for promoting investments and projects related to the area.

Specifically, the Greek Port Planning Authority will conduct a comprehensive study on the future development of the port, marina, and surrounding land area. It is also expected to prepare the bidding process for potential investors.

TAIPED’s responsibilities as the Port Planning Authority include:

1. Co-developing the strategic framework for the expansion of Larnaca Port’s commercial and maritime activities.

2. Coordinating the consultation process for the Strategic Environmental Impact Assessment.

3. Actively participating in the approval process for the master plan, infrastructure projects, investments, and environmental regulations.

4. Defining land use and construction terms for the port’s development.

According to official sources, TAIPED will establish the maximum permissible limits of the port zone, define land-use restrictions, and outline the general characteristics of planned projects. These projects will serve commercial, passenger, maritime, tourism, and industrial needs.

Additionally, the authority will conduct studies on traffic management and other necessary elements to ensure the functionality and safety of the port. It is also expected to evaluate the potential for the development, enhancement, and modernization of Larnaca’s port infrastructure while determining its growth priorities.

TAIPED was founded in Greece in 2011 as part of the country’s economic adjustment program, tasked with managing and privatizing state assets to generate revenue for public debt repayment.

The fund acts as the Port Planning Authority for Piraeus Port Authority (OLP), Thessaloniki Port Authority (OLTH), and ten other regional ports within its portfolio. Additionally, as seen in the case of Cyprus, it can also assume this role for port infrastructure beyond its portfolio, offering expertise and support to port management entities.

A crucial development to note is that, as officially announced, TAIPED will be absorbed by the Growthfund (Hellenic Corporation of Assets and Participations) in early 2025. Additionally, the Strategic Projects Preparation Facility (PPF), a TAIPED unit responsible for maturing and auctioning strategic projects valued at over €8 billion under the Recovery and Resilience Fund, will also be integrated into Growthfund.

As Greece’s National Investment Fund, Growthfund manages state-owned subsidiaries and shareholdings. According to reports from Greek media, it has already completed and initiated more than 60 asset utilization projects, securing binding offers totaling €15.7 billion and generating €9.3 billion in revenue.