NICOSIA – A more than 1.2 billion-euro ($1.36 billion) redevelopment of Cyprus’ port and marina at Larnaca on the east coast of the East Mediterranean aims to turn it into one of the best in the region and spur the economy.

The Chairman of the House’s Transport Committee, Marinos Mousiouttas said that lawmakers were briefed on works in progress and that there’s consensus that the new port and marina “will be a jewel for the city and the country as a whole,” although it will be years in the making.

The Larnaca Port and Marina redevelopment project is expected to bring in a benefit of more than 120 million euros ($136.19 million) said Minister of Transport, Communications and Works Yiannis Karousos, reported Kathimerini.

He was accompanied by members of the Parliament’s Transport Committee, Karousos who visited Larnaca Port, the Larnaca District Public Works Engineering Office and the city’s Archaeological Museum, the paper said.

“Everything is going according to plan,” said Karousos, adding that, “by April 1 we will be ready to hand the Larnaca Port and Marina to the investor,” and that the developer, Kition Ocean Holdings, said the work will be done in four phases for the island’s third-largest city.

Panos Alexandrou, the contractor’s Chief Executive Officer told the paper that the first works will upgrade of the port’s pier followed by other infrastructure necessary, the initial phase taking five years.