Development works at the Larnaca port and marina began in 2012, which will fully rejuvenate the area at a cost of one billion euros.
Larnaca Mayor Andreas Moyseos said ``the Government and the strategic investor have agreed and now the legal advisers of the two parties are processing the terms of the contract to be signed,`` adding that the contract would be signed soon.
The project includes the expansion and upgrading of the port and marina, and the restructuring of the coastal front.
On its completion in 2018, the marina will have a capacity of a thousand vessels, while the port will be the island`s main passenger port, with an international-class passenger lounge. Furthermore, the coastal front will feature mainly low buildings, while the taller ones will blend in with the character of the town and serve as a reference point, with the use of the latest technology and low energy consumption.