Filenews 3 July 2025
The Port of Vassiliko, which has secured European co-financing of €18,781,957 from the European Union's competitive funding program, announces the Ministry of Transport, Communications and Works, announces the "Connecting Europe Facility" (CEF) of the European Union.
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 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 Vassilikos, under the management of the Authority. The approved project is called IMPACT – Integrated Modernization for Port Advancement, Clean energy Transition, and Connectivity, and is an integrated intervention to modernize the port, connect it to green infrastructure and improve connectivity.
Following a decision of the European Commission, which was ratified by the Member States on 02 July 2025, the proposal was distinguished among a total of 265 proposals submitted under the CEF Transport call (2024), for a total budget of €2.76 billion. In the category to which the Cyprus Ports Authority's proposal was submitted, the available funding amounted to €1.6 billion, while the total amount of co-financing requested exceeded the available amount by five times, which demonstrates the intense competition (oversubscription). In the end, 25 infrastructure projects were selected, of which only four concern port projects, including the Cyprus project.
The expansion of the port, which is part of one of the most important development projects in the country, includes the construction of new quays, the construction of breakwaters, the dredging of the approach channel, as well as the utilization of the available land space.
Upon completion of the project, the annual capacity of the port 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 previous feasibility 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 is instrumental in the transition towards cleaner 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 dynamics, in the context of an ambitious, but realistic, plan with a European dimension, as noted in a relevant announcement by the Ministry of Transport.
