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Cyprus ∙ Build Operate and Transfer (BOT) – The Case of Cyprus Airports

Demetris Savvides

Over the past fifteen years or so, Cyprus has embarked on a comprehensive structural renovation process to transform itself from a centrally-planned to a market orientated economy. Foreign direct investment has played an imperative role in the country’s socio-economic development process, in which BOT ventures have emerged as the most preferred form of investment in flows in the Island. In this vein, BOT project financing ventures involving experienced foreign companies in critical public functions have appeared as a promising form of business organization in public arenas, such as airport project financing in Cyprus. Facilitating foreign capital flows however has been traditionally rather sluggish bearing limited fruits as there have been many difficulties and obstacles which have stood in the way of the foreign investors who wish to proceed with long term investment in Airport BOT financing ventures. In essence, major impediments seem to stem from the country’s environment, the government policy and interaction with the local partners. On the basis of documented findings, this research has attempted to gain some insights into the situation and has made some recommendations to improve the investment conditions to promote BOT ventures in the future.

Demetris Savvides works as law lecturer in Cyprus International Institute of Managment (CIIM).


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