Following months of stagnation, which prompted and the intervention by the Ministry of Finance, the procedures for the rehabilitation and upgrading of the Fytidio Sports Park of GSO have now entered their final stage. Following the approval of a proposal submitted to the Council of Ministers, the Ministry of Finance has effectively brought about a solution to the problem of financing the project, securing the €1.5 million budget needed to renovate the facilities, which will accommodate new uses after athletic, cultural and commercial. The proposal stipulates that the state will finance the project, estimated at €1,5 million, and is expected to be spent within two years.

The  proposal also provides for the Minister of Finance to grant the required appropriations to the Municipality of Limassol in 2019, through an exceptional grant, which will be deposited in a special fund of the Municipality. The park will be administered by a 3-member committee comprising representatives of the Cyprus Sports Organization and the Cyprus University of Technology (CUT) and presided over by the Mayor of Limassol. Mayor Nicos Nicolaides told Entrepreneurial Limassol that in a recent meeting the three parties it was decided to appoint a committee of technocrats to study the terms of the agreement, with the aim of signing it by the end of the year, ending the uncertainty of the last two years. The agreement stipulates that CUT will manage the sports facilities, while the Municipality of Limassol will manage the commercial uses of the park.Specifically, the Municipality will carry out repairs and revamping of the facilities in order to house the Limassol Athletic Museum, as well as commercial uses. Tenders will also be announced for the lease of a cafeteria and kiosk, while preparations will begin for the creation of a gym.