- Additional €5 million to complete on-going investments by the Cyprus Institute of Neurology and Genetics (CING)
- €50 million to the Republic of Cyprus for its Operational Programme THALIA 2021–2027
- Investments will improve healthcare, enhance research and education, and accelerate Cyprus’s green and digital transition
With these agreements, the European Investment Bank (EIB) today increases its total financing to Cyprus, confirming its strong partnership with the country and long term commitment to invest in people and communities.
Cyprus Institute of Neurology and Genetics R&D
The first agreement concerns the €5m additional financing to the Cyprus Institute of Neurology and Genetics (CING), bringing total support to €31 million. The operation will:
- support the construction of CING’s new facilities,
- refurbishment of the current premises,
- provide advanced medical and laboratory equipment, including genomics, proteomics, microscopes, bioinformatics tools and a biobank,
- support R&D activities and research projects
- strengthen postgraduate education and training.
These investments will reinforce CING’s role as a regional and international centre of excellence, improving treatment for patients with rare and neurological diseases, enhancing research capacity and securing its competitiveness in attracting international research funding.
Cyprus EU Funds Co-financing 2021-2027
The second €50m agreement with the Republic of Cyprus concerns the support of Cyprus National Contribution to the EU co-financed Operational Programme THALIA 2021–2027. The total programme cost is close to €1.5 billion out of which EIB loan has so far provided €180m of an approved amount of €369m. As the country’s main development programme, THALIA focuses on smart, green and inclusive growth. EIB financing will back projects including:
- upgrades to energy and water efficiency infrastructure in municipalities,
- modernisation of education and training facilities,
- expansion of digital public services,
- projects strengthening environmental sustainability and climate resilience.
These investments will help drive Cyprus’s green and digital transition, promote balanced regional development and strengthen social cohesion.
Vice-President Kyriacos Kakouris, stated: “Today’s agreements demonstrate once again the ’s strong partnership with Cyprus. In particular, I would like to highlight our valuable support to CING, for improving and upgrading its medical research and healthcare and that will benefit patients with sensitive neurological and genetic medical needs. CING’s new premises are expected to be ready before the end of the year. In addition, through the THALIA programme, we are backing smart, green and inclusive growth across the country. Together, these investments will strengthen Cyprus’s resilience and future competitiveness.”
These agreements build on the EIB’s long-standing cooperation with Cyprus, supporting high value-added investments in healthcare, education, innovation, infrastructure and climate action.
The Minister of Finance of the Republic of Cyprus, said: “Today marks another milestone in the long-standing cooperation between Cyprus and the European Investment Bank. Through the EIB’s support for the “THALEIA 2021–2027” Programme, green, innovative, and socially inclusive development is being promoted, enhancing competitiveness, social cohesion, and the quality of life for citizens. At the same time, the additional financing for the Cyprus Institute of Neurology and Genetics will support the completion of new facilities, the renovation of existing spaces, and the strengthening of research capacities, reinforcing the Institute’s role as a centre of excellence in Cyprus and internationally.”
About CING:
Founded in 1990 by the Cyprus Foundation for Muscular Dystrophy Research, CING is a bi-communal, non-profit medical, research and academic centre. It is the only specialised tertiary healthcare provider in Cyprus in neurology and medical genetics, offering services free of charge at the point of delivery to all citizens regardless of religion or ethnic origin. The Institute conducts cutting-edge translational research on rare and neurological diseases, supports postgraduate education, and maintains international collaborations, contributing significantly to Cyprus’ scientific and medical research capacity.
Professor Leonidas Phylactou, Chief Executive Officer & Medical Director of the Cyprus Institute of Neurology and Genetics, said: “We are deeply grateful for the trust of the European Investment Bank. We are also thankful to the Ministry of Finance for its continuous support and for financing this vital project, as well as the Deputy Ministry of Research, Innovation and Digital Policy for its continuous support of our activities. This support is, above all, an investment in people. It empowers CING to fulfil its mission as a centre of excellence in healthcare, research and education, and to contribute to the advancement of medical science at both the national and international level. At CING, our mission is to improve lives, and today’s agreement brings us one step closer to that goal.”
About “THALIA 2021-2027”
Operational Programme “THALIA 2021–2027”, the EU-funded programme supports Cyprus’s development priorities and aligns with EU cohesion policy goals. It includes investments in research and innovation, digitalisation, sustainable mobility, energy efficiency, renewable energy, water infrastructure and social inclusion, contributing to balanced socioeconomic and regional development.
Mrs. Anthi Philippidou, Director of EU Cohesion Policy and Multiannual Financial Framework, DG Growth, Ministry of Finance, stated: "The longstanding and fruitful partnership with the European Investment Bank has played a vital role in supporting Cyprus’ efforts to implement its Cohesion Policy Programmes. The funding secured for the ‘THALIA2021-2027’ programme carries particular importance at this stage, as Cyprus’ co-financing obligations have increased in line with the robust growth of the national economy. The signing of this financing agreement marks a pivotal milestone in the programme’s implementation, which is instrumental in driving growth, creating jobs, and fostering social cohesion."
Background information
About EIB
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. The finances investments in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, a stronger Europe in a more peaceful and prosperous world and Europe’s capital markets union.
The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.
Approximately half of the EIB's financing within the EU targets cohesion regions, where per-capita income is below the EU average, while almost 60% of annual EIB Group investments support climate action and environmental sustainability.
Since the first operation in 1981, the EIB Group has invested over €5.5 billion in Cyprus and remains a key partner in the country’s sustainable growth— further underlined by strengthening its local presence and leadership. The bank’s priority sectors in Cyprus are energy security, affordable housing, SMEs and innovation, water and climate resilience.
In EIB, we complement our lending activity with a comprehensive technical and financial advisory offering. Our in-house experts bring European Best Practice in project structuring and implementation, delivering technical support, financial advisory and financial assistance with a view to unlocking EU funding and EIB financing opportunities. EIB Advisory has been a key partner to the Government of Cyprus, providing technical and financial advisory input to the realisation of investments across transport, energy, education, waste and cultural investments. We look forward to providing further technical and financial advisory support to assist in elaborating investments that will drive the green and digital transition, and support the role of R&D and Innovation in delivering growth.
Read more about the Group’s activities in Cyprus here.