EUR 100 million loan approved for key investments in Cyprus
- Date: 23 April 2013
The European Investment Bank approved today a loan of up to EUR 100 million for key investments in Cyprus. The loan will be used for investments in priority areas identified in the National Strategic Reference Framework, which include improving the competitiveness of the Cypriot economy, promoting sustainable development, and investing in skills and innovation. It will therefore contribute to the smart, sustainable and inclusive growth of the Cypriot economy in line with the Europe 2020 strategy.
On this occasion, EIB President Werner Hoyer stated: "The EUR 100 million loan approved today builds on the EUR 200 million loan provided in 2012 which has been committed to support a large number of schemes in the areas of solid waste management, renewable energy, skills and innovation and urban development. Examples of projects financed include the improvement of operations of 37 waste sites in Pafos district, development of a Green Point Network in Cyprus, development of the Open University of Cyprus’ technological infrastructure and regeneration of Limassol’s Town Centre. The new loan will strengthen the productive base and competitiveness of the Cypriot economy and provide financial added value due to its long tenor and favourable terms. This loan is complemented with technical advice in the form of project preparation provided through the JASPERS initiative.
The facility will unlock investments in key infrastructure and regional assets and is expected to assist the country's absorption rate of EU Structural Funds. The EIB will keep its product mix and expertise available and ready to use for the benefit of Cyprus in the coming years”.