Association of Large Investment Projects Cyprus President Andreas Demetraides on Monday called for work on Yeroskipou mega project ‘Eden City’ to move ahead as soon as possible.
Proposed in 2014, the project is facing delays and may even be halted by the government because of a bureaucracy-induced glitch in calculating the cost of leasing a chunk of government land.
A negotiating committee, comprising Interior Ministry technocrats and representatives from the offices of the auditor-general and the Legal Service, was set up by the government in April 2015, and tasked with finalising the terms of the deal.
Commenting through an Association announcement, Demetriades said Eden City would provide a developmental boost to the local economy and Paphos as a society, creating thousands of work places the district sorely needs.
He stressed that Cyprus did not have the luxury of being able to lose investors and that any bureaucratic obstacles to the project had to be overcome as soon as possible.
Demetriades also noted that foreign investors preferred destinations that were entrepreneur and foreign investment-friendly and which also had an effective public service. That is why we have to speed things up, he added.
According to the project’s website, Eden City (Cyprus) will be a 200 hectare resort development incorporating a luxury residential community (Divina Island), a seaside complex for spa and health tourism (the Peninsula), and a district dedicated to business, culture, and education (Garden of Eden).
The project, reportedly with a budget of billions, is the brainchild of innovative Hungarian developer Sándor Kenyeres and the first project to be undertaken by one of his companies, ATUM Developments Ltd.