According to a report by the Cyprus Mail on November 21, Cyprus Finance Minister Haris Georgiades stated on the 20th that the privatization plans for three semi-government enterprises, namely the Electricity Authority, the Telecommunications Authority, and the Port Authority, are proceeding as scheduled and are expected to be completed by the end of December. This privatization plan is part of the Cyprus bailout program and is a condition that the Cyprus government must fulfill to receive the second tranche of bailout funds from the European Troika.
According to the privatization plan, the Cyprus government will raise 1.4 billion euros by selling state assets in the aforementioned enterprises, but the purpose of privatization is not limited to this. Delia Velculescu, an official from the IMF responsible for Cyprus affairs, stated that the transition of these enterprises from state-owned to private ownership will help improve the operational efficiency of the Cypriot economy and stimulate competition, ultimately benefiting consumers.Investment involves risks, the above information is for reference only
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