New Ministry building could overshoot £16 million budget

THE FINAL cost for the new Finance Ministry building could exceed the budgeted £16 million, Finance Minister Takis Clerides revealed yesterday.

Clerides and Communications & Works Minister Averof Neophytou yesterday toured the construction site of the new ministry in central Nicosia, opposite the GSP stadium.

Clerides said contractors Lois Builders had made some demands for more money, which the government was considering. He said it was hard, at this stage, to say whether these demands would mean the final cost for the project would overshoot the projected £16 million.

So far, £4 million has been spent on completing about a third of the ministry, Neophytou said.

The Finance Minister also said the new building would be ready on schedule – – towards the end of 2001.

The massive building — with a floor space of 50,000 square metres — will also house the government Planning Department and the Public Service and Education Committees.

The imposing construction is of the grandiose and mammoth design favoured by the government for its new ministries.

“The government, recognising that the work environment is a significant factor in increasing employee productivity and effectiveness, is implementing a programme for the creation of suitable homes for the various Ministries and government services,” Neophytou said.

Both ministers expressed their satisfaction with project progress.

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