Release date: 27 April 2023
Promoter – Financial Intermediary
REPUBLIC OF CYPRUSLocation
Description
The project will finance the construction of sewer networks and treatment facilities for peri-urban communities across Cyprus. It will support the National Implementation Programme for the EU Urban Wastewater Treatment Directive, as well as the Central Government's strategy to align with the EU Urban Wastewater Treatment Directive.
Additionality and Impact
The Project concerns priority investments which must be implemented for Cyprus to comply with EU Directives in the wastewater sector (such as "Urban Wastewater Treatment Directive 91/271/EEC" (UWWTD)) and addresses the sub-optimal investment situation in the wastewater sector in the country. If the agreed investments are not implemented within the agreed timeframe the Republic of Cyprus may be asked to pay penalty fees.
The EIB financing on favourable terms such as long tenors matching the asset life, flexibility of drawdowns and longer availability periods matching implementation of the Project as well as attractive interest rates assist with the affordability of such large public investment programmes.
EIB and the Council of Europe Development Bank (CEB) have worked together to appraise the project and will co-financed some of the investments.
Objectives
The aim is to comply with the EU environmental standards, whilst improving service efficiency. Furthermore, investments in wastewater projects generate positive externalities, such as environmental and public health benefits, by avoiding surface and groundwater pollution.
Sector(s)
- Water, sewerage - Water supply; sewerage, waste management and remediation activities
Proposed EIB finance (Approximate amount)
EUR 100 million
Total cost (Approximate amount)
EUR 206 million
Environmental aspects
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Procurement
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Status
Signed - 8/12/2023
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).