Stay informed about Cyprus Investment Immigration and Cyprus News: President Anastasiades believes that Cyprus may only need to privatize a portion of its state-owned enterprises to meet the conditions for assistance from the Troika.
Government authorities may convert state-owned enterprises into joint stock companies and seek strategic investors to purchase a portion of their shares while retaining majority control. Therefore, the government will not lose control over the state-owned enterprises. According to the terms of assistance, the privatization process of semi-government entities can be tailored to the situation of different enterprises, which may include the sale of shares or assets, entering into operating licenses, or franchise agreements, etc. Cyprus has designated PwC to formulate a strategic plan for the privatization of state-owned enterprises. International creditors have identified the Cyprus Telecommunications Authority (Cyta), the main electricity operating agency, and commercial port entities as primary targets for privatization, with plans to raise €1.4 billion. It remains unclear whether the aforementioned enterprises will be fully privatized, as they are classified as wholly state-owned but are still referred to by name as semi-government entities.