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30 Key Projects To Transform Famagusta With €122 Million Investment

President Nikos Christodoulides has announced a €122 million investment across 30 projects aimed at revitalizing the free areas of Famagusta. Speaking at a regional gathering in Paralimni on 13 February, he outlined the government’s vision to enhance infrastructure, boost tourism, and improve the overall quality of life for residents.

Joined by members of the Council of Ministers and state officials, the President emphasized Famagusta’s vital role in Cyprus’ economy, particularly in tourism and the primary sector. The projects include major road network upgrades, the development of urban and linear parks, and enhancements to tourism infrastructure.

Key initiatives also focus on modernizing sports centers and expediting critical projects like the completion of the Fishing Shelter at Liopetri River. The comprehensive plan spans multiple sectors, including urban regeneration, business and tourism, education, and social welfare.

Calling for close cooperation between local authorities and stakeholders, Christodoulides urged collective efforts to fast-track these development initiatives and unlock the district’s full potential.

Planned projects

Road Network Improvement and Urban Regeneration Projects

  1. Improvement of the Main Road in Avgorou on Karyon Avenue – €9 million
  2. Construction of a Multi-Storey Parking Lot in Paralimni – €8 million
  3. Improvement and Upgrading of Ayia Napa’s Beachfront – €3.6 million
  4. Road Improvement Connecting Vrysoudion Street with Pinia Street – €4 million
  5. Construction of a Road from the Agios Panteleimonas Roundabout to the Church of Agia Varvara – €5 million
  6. Regulatory Plans for the 2nd Phase of the Improvements of Stadias Street, Giakoumi Papadopoulos Street, and Korai Street in Paralimni – €14 million
  7. 4th Phase of the Protaras Coastal Promenade – €18 million
  8. Redevelopment of the Traditional Core of Frenaros – €1.3 million
  9. Redevelopment of Paralimni Square – €11.2 million
  10. Creation of an Urban Multifunctional Park in Ayia Napa – €5 million
  11. Creation of a Linear Park in Aheritou – €1 million

Economy / Business / Tourism

  1. Incentive Plan in Catering – €700 thousand
  2. Plan for Enrichment Projects for Local Government Authorities – €300 thousand
  3. Creation of a Craft Area in Dasaki Achna – €250 thousand

Education

  1. Upgrading of Building Infrastructure of Paralimni High School – €5.5 million
  2. Construction of a New Paralimni High School – €15 million
  3. Operation of the School of Tourism Studies within the Framework of the MIEEK

Social Welfare

  1. Model Autism Center of Famagusta District – €4 million
  2. Expansion and Upgrading of the Nursery and Children’s Activity Center in Avgorou
  3. Additional Projects in the Region’s SKE – €140 thousand
  4. Intensive Daily Addiction Treatment Program – €1.5 million

Culture

  1. Transformation of the Ayia Napa Monastery into a Museum and Creation of a Research Center, Library, and Conference Rooms – €2.3 million
  2. Cultural and Conference Center Hall in the Municipality of Deryneia – €5 million
  3. Open-air Amphitheater in Avgorou – €1.5 million

Sport

  1. Upgrade: Sotiras Sports Center, Frenaros Sports Center, Liopetri Sports Center – €2 million
  2. Construction of a Public Sports Area in Achna – €2 million

SEC Drops Lawsuit Against Gemini: A Major Turning Point In Crypto Regulation

SEC Dismisses Legal Action Against Gemini

The Securities and Exchange Commission has formally withdrawn its lawsuit against Gemini, the prominent crypto exchange founded by twins Cameron and Tyler Winklevoss. The move follows a joint court filing in which both the regulator and Gemini sought dismissal of the case that centered on the collapse of the Gemini Earn investment product, a debacle that left investors without access to their funds for 18 months.

Settlement And Regulatory Reassessment

In a significant development, a 2024 settlement between New York and Gemini ensured that investors recovered one hundred percent of their crypto assets loaned through the Gemini Earn program. The legal reprieve comes on the heels of actions initiated by New York Attorney General Letitia James, who accused Gemini of defrauding investors.

Political Backdrop And Industry Implications

This dismissal reinforces a broader trend of regulatory leniency toward the crypto sector noted during the Trump administration, which saw the SEC dismiss, pause, or reduce penalties in more than 60 percent of its pending crypto lawsuits. Meanwhile, Gemini’s recent public offering filing underscores its ambitions to solidify its status as a major player in the evolving digital asset market.

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