ECONOMY

Nicosia to persist with Cyta privatization effort

nicosia-to-persist-with-cyta-privatization-effort

Cyprus will try again to push through the sale of a minority stake in state telecommunications company Cyta, Finance Minister Harris Georgiades said on Monday.

“We are finding it difficult [to privatize Cyta]…” Georgiades said at an event at the London School of Economics. “But we will have another go.”

Cyprus has been attempting to sell a stake in Cyta as part of a sweeping privatization program that was part of an EU/IMF bailout in 2013.

Georgiades added that the port of Larnaca should also be privatized this year and that plans to sell the country’s state lottery were progressing.

[Reuters]