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Signature(s)

Amount
€ 100,000,000
Countries
Sector(s)
Cyprus : € 100,000,000
Water, sewerage : € 18,000,000
Transport : € 82,000,000
Signature date(s)
18/12/2024 : € 18,000,000
18/12/2024 : € 82,000,000
Link to source

Summary sheet

Release date
22 October 2024
Status
Reference
Signed | 18/12/2024
20240371
Project name
Promoter - financial intermediary
CYPRUS ROAD INFRASTRUCTURE FL
MINISTRY OF TRANSPORT, COMMUNICATIONS AND WORKS - REPUBLIC OF CYPRUS
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 200 million
EUR 400 million
Location
Sector(s)
Description
Objectives

The framework loan will support a multi-year road infrastructure programme implemented by the Public Works Department of the Ministry of Transport, Communication and Works in the Republic of Cyprus.

The aim is to support investments for the construction and rehabilitation of roads, motorways, including core trans-European networks (TEN-T) as well as related infrastructure to implement sustainable urban mobility plans, transport safety and resilience/climate adaptation measures. The project is expected to significantly improve accessibility, efficiency and road safety.

Additionality and Impact

The proposed project will support Cyprus in improving its road transport infrastructure. This is consistent with the EIB Public Policy Goal for sustainable cities and regions. The framework loan will support a multi-year programme of transport and public infrastructure investments including road construction and rehabilitation (including TEN-T), schemes supporting the implementation of sustainable urban mobility plans, transport safety, network management and climate change resilience and adaptation measures. Cyprus is an EIB Cohesion Priority region and a Just Transition Fund territory in the period 2021-2027, therefore, the project will also support economic and social cohesion. The project is expected to significantly address accessibility (improving road networks/coordination market failure), efficiency (congestion) and road safety externalities. Also, the project may be supported by technical assistance on areas related to sustainability rating of infrastructure projects and climate adaptation.

Moreover, EIB financing renders substantial financial benefit as it is provided at customised terms, such as flexibility of drawdowns, sculpted repayments, longer availability and grace periods, fixed interest rates for the whole duration of the loan, interest revision of conversion. It also serves to crowd in financing from other investors and also contributes to the diversification of the Borrrower's funding sources and optimisation of its debt structure. 


Environmental aspects
Procurement

The promoter's environmental management capacity to apply the relevant EU Directives and the requirements of social standards will be verified during appraisal. Where and if applicable, this includes the requirements of the Environmental Impact Assessment (EIA) Directive 2011/92/EU amended by 2014/52/EU, Strategic Environmental Assessment (SEA) Directive 2001/42/EC, Habitats Directive 92/43/EEC and Birds Directive 2009/147/EC.

The promoter shall ensure that contracts for implementation of the project have been/will be tendered in accordance with the applicable EU procurement legislation, for contracts above the threshold: Directive 2014/23/EU / 2014/24/EU as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Milestone
Under appraisal
Approved
Signed
21 November 2024
18 December 2024
Link to source
Other links

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - CYPRUS ROAD INFRASTRUCTURE FL
Publication Date
4 Dec 2024
Document language
Main Topic
Lending
Document Number
226686173
Document Focus
Environmental Information
Project Number
20240371
Regions
Countries
Publicly available
Download now

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Alternatively, the EIB can be contacted through its external offices.
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The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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