The port of Vassiliko is entering a new development phase, having secured European co-financing of €18,781,957 from the European Union’s ‘Connecting Europe Facility’ (CEF) competitive financing programme, the Ministry of Transport, Communications and Works has announced.
The project is part of the broader framework of strengthening the infrastructure of the Trans-European Transport Network (TEN-T), strengthening Cyprus’ position as a key link in the European and military mobility corridors.
The proposal, submitted by the Cyprus Ports Authority with the support of the Ministry of Transport, Communications and Works, was based on the recent decision of the Council of Ministers to create a new industrial port in Vassiliko, under the management of the Authority.
The approved project is called IMPACT – Integrated Modernisation for Port Advancement, Clean Energy Transition, and Connectivity, and constitutes a comprehensive intervention to modernise the port, connect it to green infrastructure, and improve connectivity.
Following a decision by the European Commission, which was ratified by the Member States on 2 July 2025, the proposal was distinguished among a total of 265 proposals submitted under the CEF Transport (2024) call, for a total budget of €2.76 billion.
In the category to which the Cyprus Ports Authority’s proposal was submitted, the available budget amounted to €1.6 billion, while the total requested co-financing amount exceeded the available amount by five times, a fact that demonstrates intense competition (oversubscription).
Ultimately, 25 infrastructure projects were selected, of which only four concern port projects, including the Cyprus project.
The port expansion, which is part of one of the country’s most important development projects, includes the construction of new quays, the erection of breakwaters, the deepening of the approach channel, as well as the utilisation of available land space.
Upon completion of the project, the port’s annual capacity is expected to reach 1,772 ships, making it one of the most important energy and trade hubs in the Eastern Mediterranean.
The construction will proceed gradually through individual phases, with “Phase A”, which is currently being promoted and has secured the above co-financing, having a budget of €85 million.
The preceding viability and necessity study highlighted the crucial role of the expansion for the sustainability of the port and its alignment with the modern requirements of the European Green Deal.
The project contributes decisively to the transition to cleaner forms of energy in the maritime sector, accelerating the decarbonisation of maritime transport and enhancing the sustainable development of Cypriot ports.
The port of Vassiliko is evolving into a pillar of geostrategic importance for Cyprus and the wider region, combining commercial, energy, military and environmental potential, within the framework of an ambitious, yet realistic, plan with a European dimension.
(Source: InBusinessNews)
