A proposed multi million joint development project between Qatar and Cyprus, in the capital Nicosia, will go ahead, Minister of Finance Kikis Kazamias has said. Kazamias visited the military barracks at the entrance of Nicosia, which will be demolished as part of the joint venture between the two countries. He said that the Public Works department will present a timeframe concerning the demolition. The land will be sold to Qatar for 50 million euro.

“The final agreement provides for a deposit of 50 million euro,“ Kazamias said, adding that the price may be amended following consultations between the Board of Directors of the venture, comprising representatives of the two countries. “If there is a change, it will be upwards and not downwards,” he added, noting that during the last meeting of the Board it was agreed that they will come to an understanding before of the end of the year on some issues that need to be clarified.

He added that the next visit by the Qatari members of the Board will coincide with the delivery of the proposal of the Public Works department on the demolition of the barracks, so that the Board will proceed with its own planning. Kazamias also revealed that Cyprus has received interest from foreign investors both from the East and the West with regard to development projects. “Along with my associates we have begun to examine this seriously and soon we will announce similar or much bigger projects throughout Cyprus,“ he said