Cyprus Faces Major Delays and Cost Overruns in Public Infrastructure Projects
Cyprus is experiencing severe delays and budget overruns in its public infrastructure projects, with an estimated €340 million gap across eight major state initiatives. This inefficiency poses risks not only to economic activity but also to public safety and project viability.
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Cyprus is currently managing close to €1 billion in public investments across eight large projects, yet only three remain within budget. A significant concern is the Paphos-Polis Chrysochous road, where costs have soared, and only 30% completion was achieved before work halted in 2024.
Similarly, the Vasilikos liquefied natural gas terminal is expected to cost €1.592 billion due to delays and has triggered investigations over potential EU fund misuse. Experts indicate that poor planning, reliance on the lowest bids, and inadequate contractor capabilities are causing repeated failures and increasing costs. Without improved oversight and planning, these trends are likely to continue, risking further economic impact.
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