CYPRUS received a €180 million urban development boost from The European Investment Bank (EIB) yesterday as the island’s prepared to celebrate 50 years of the Republic.
The EIB said it too was celebrating – 30 years of activity on the island.
“It is a great pleasure for me to hold this celebrating and commemorating signature ceremony. The two loan agreements I am signing here today are in support of urban environment, which is of particular importance due to the current crisis,” EIB Vice-President, Plutarchos Sakellaris said.
Sakellaris said he had earlier yesterday also signed an agreement with the Bank of Cyprus for a total of €20 million for the benefit of small and even micro companies.
“With today’s signatures, the EIB group marks this anniversary day with our two future priority areas in Cyprus: sustainable growth infrastructure and private sector support to empower business creativity,” he added.
The main loans include €140 million to the Ministry of Finance for the financing of waste-water projects outside the bigger cities.
This is the first installment of an overall credit line of €290 million made available for this project.
The works include sewer networks, pumping stations and treatment facilities across Cyprus, including the construction of eight waste water treatment plants.
The rest of the money will be used on urban infrastructure in the Cypriot capital.
The EIB financing is part of an aggregate investment of €140 million in the Walled City and adjacent areas.
“These projects aim in improving the natural and urban environment, creating public venues to develop social infrastructure and encourage private initiative with a scope of boosting and reinforcing financial development,” Nicosia Mayor Eleni Mavrou said.
These investments, earmarked in Nicosia’s 2010-2012 Municipal Development Plan, consist of a large number of projects which together will foster urban renewal and regeneration.
The improvements in Nicosia’s urban environment will revitalise the historic centre, especially those areas close to or adjacent to the Green Line, and will contribute to the creation of a sustainable community.
The municipality has already identified a preliminary list of 17 schemes including transport, urban renewal, public buildings, sports facilities, urban open spaces and cultural heritage.
The EIB said many of the projects were a priority for Cyprus as they would help a large number of residents in small communities to central sewer systems and bring adequate wastewater treatment to protect the country’s scarce water resources and important marine environment.
