ECONOMY

TAIPED plan to lease isles is shelved

The state privatization fund (TAIPED) has dropped plans for the utilization of state-owned islands to private investors via long-term lease, according to TAIPED officials, who stress that any previous statements concerning the materialization of such plans should be disregarded.

The idea expressed last year regarding long-term leases has now been shelved because, as is the case with private islands too, the difficulties in the process for the commercial utilization of uninhabited islands are often insurmountable. These difficulties derive from their typically unspecified zoning character, as the the land usage of very few islands has been clarified, while a great number are bound by significant commitments that prohibit any possible development, such as having been included in the Natura network of ecologically sensitive areas or being protected as locations of exceptional natural beauty.

The state owns some 600 small islands, but only 40 have the potential for any form of development.