The Cyprus Government and the Build Operate Transfer partner Hermes Airports (International Joint Venture) Ltd announced that the financial documentation for the construction and development and operation of Larnaca & Paphos Airports for a period of 25 years, was signed in London today.

The construction works for the two new airports will commence in June.

It is expected that the Paphos Airport will be completed and become operational before the end of 2008 and the new Larnaca Airport before the end of 2009. The construction works of the buildings and the main equipment have already been entrusted to the French Company Bouygues Batiment International, in collaboration with the French Egis Projects S.A. The sub-contracting works have been assigned to the Cypriot - owned companies Iacovou Brothers (Constructions) Ltd. and Charilaos Apostolides Public Ltd.

The total cost for the completion and operation of the two new airports, along with the equipment is estimated to reach approximately €622 million Euro, including the future extensions.

Iacovou Brothers (Constructions) Ltd. who is one of the largest Cypriot construction companies  which  has  for over 40 years successfully completed major civil engineering projects such as airports, roads, bridges, etc  have been appointed as  the sub-contractors for the actual construction of the Airports.

Cyprus will now acquire two modern, state of the art Airports, which will provide high quality service to the millions of tourists visiting our island and to the thousands of Cypriot travellers.