Minister approves loan to bail out Limassol municipality

By Aline Davidian

AN £8,000 loan to Limassol Municipality was approved yesterday by Finance Minister Christodoulos Christodoulou after an appeal by Limassol Mayor, Demetris Kontides.

The loan had been secured by the Municipality from the Limassol Co- operative bank, but remained pending due to a delay in formal government approval.

Christodoulou said he had informed the Interior Ministry that the loan had been approved by the Finance Ministry and was to go through. He expressed his sympathy for Kontides, whose Municipality faced grave financial difficulties generated by long-standing road problems from the laying of sewage pipes. He further stated that an accumulation of loans secured by the Municipality was also contributing to its financial problems.

Kontides, who had earlier criticised the hitherto “unjustified” delay in approval of the loan, said his comments had not been indicative of an anti- governmental stance. Despite earlier statements that the delay demonstrated a “lack of respect for local government”, he said yesterday that he was “fully satisfied” with Christodoulou’s response to his appeal.

“If we can solve the economic problems of Limassol, I will personally congratulate the Finance Minister and the government” said Kontides.

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