ECONOMY

ELTER wins Solea dam contract

Greek construction company ELTER has won the contract for a dam in the Solea Valley on Cyprus. The dam, with a total budget of 18 million euros, will have to be completed within 24 months. In accordance with its outward-looking policy of the last few years, ELTER and its local partner Nemesis Ltd signed a contract last week with the Cypriot Ministry of Agriculture for the dam that will have a total capacity of 4.6 million cubic meters in water-thirsty Cyprus. The dam, to be built near the village of Flasou, will supply water for the irrigation of about 10 square kilometers of arable land in the Solea Valley, in the Nicosia region of the island. It will collect excess water during winter and use it during the summer period for irrigation purposes. ELTER, which is based in Athens, also has offices in Nicosia and in the United Arab Emirates. It has a history of some 30 years in the local construction sector and specializes in port, road and energy projects.