China’s CBMI Co Ltd has signed a contract worth EUR83.3m to build a new factory for Cypriot cement company Vassiliko.
China’s ambassador to Cyprus, Zhao Yali, said it is the biggest contract in financial terms signed between Cyprus and China. He was speaking at the signing ceremony in Nicosia.
The factory should be operational by the end of 2010, and will increase Vassiliko’s production capacity to 2.5Mta from the current 1.85Mta.
Vassiliko will invest EUR135m in the project.