Overcoming the challenges on big infrastructure projects by adopting a similar model to Hellenic Republic Asset Development Fund in Cyprus
Written by Efi Thoma, Lawyer LL.M. By adopting a hybrid akin model to Greece, i.e. the Hellenic Republic Asset Development Fund (“HRADF”), pertaining to the privatization of Cyprus’ major public assets, the following benefits may accrue to the Republic of Cyprus. From a financial perspective, the Republic of Cyprus would be eligible to attract some serious investors who would feel safe to invest into big public-private projects and respond to public tenders, by trusting an independent body of international experts, acting in full transparency and in accordance to the rules of private economy, while safeguarding the public interest. Hence, the Cypriot economy could grow exponentially by improving its international image and securing high-quality investments with a positive spillover effect on the country’s real economy. Furthermore, a budgetary discipline and sound financial management of such joint initiatives in terms of the privatization of Cyprus’ public assets, through the est