A massive tourism project is being planned by Russian, US, Chinese and Saudi, investors on land belonging to the Archbishopric in Yeroskipou.
It involves development over three square kilometres that include a 500 berth marina, an arts school, hotels, a waterpark and a mall. Information was conveyed to the Municipal Council of Yeroskipou, since the ¤7 billion project will require an amendment to the agreement between the municipality and the Cyprus Tourism Organisation so as to transfer the municipal beach to the local authority.
Informed sources said that the municipality, with the agreement of the CTO, has already amended the agreement from 10 plus 10 years to five plus five years, so as to avert possible legal problems to the massive development being planned in the area.
Yeroskipou municipality has also introduced a provision in the agreement so that the operator of the beach will not make any claims as a result of the tourist development planned on the neighbouring coastal piece of land.
Archbishop Chrysostomos had given a first indication of the planned project some months ago when he said that consultations were underway to develop the land.
The tourism project will be of the highest specifications and will give momentum to tourism development of the area. It will create 4000 jobs initially.