EIB injects over €5 billion into Cyprus projects

The European Investment Bank (EIB) has injected over €5 billion into various projects in Cyprus, contributing significantly to the island nation's development, said Kyriakos Kakouris, Vice-President of the Bank.

Speaking at an event titled "European Cohesion Policy and Us," organized by the Panicos Hadjihambis Foundation in Paphos, Kakouris underscored the EIB's commitment to enhancing the quality of life for Cypriot citizens through its investments.

Highlighting Cyprus' membership in the European Union since 2004, Kakouris emphasized the transformative impact of EU funding on the country's infrastructure and social cohesion. Despite Cyprus' modest initial membership fee of approximately €30 million, Kakouris noted that the EU has since reinvested multiple times, facilitating extensive development across various sectors.

Kakouris lauded the efficacy of EIB Social Cohesion Funds, citing numerous projects undertaken throughout Cyprus. These initiatives, he asserted, have significantly elevated living standards for Cypriot residents, exemplifying the tangible benefits of EU investment.

However, Kakouris expressed concern over the evolving discourse surrounding European cohesion policy, lamenting the prioritization of alternative agendas by certain beneficiary countries. He emphasized the importance of amplifying the voices of smaller nations to uphold the integrity of EU policies that foster collective progress.

Echoing Kakouris' sentiments, Phedonas Phedonos, Mayor of Pafos, underscored the pivotal role of EU support in driving local development initiatives. Phedonos reiterated his commitment to transparently communicating the tangible benefits derived from European funding to the residents of Pafos.

In a comprehensive overview of his tenure, Phedonos disclosed that a substantial portion of Pafos' development budget—€222 million—stemmed from diverse sources, including significant contributions from European co-financing and strategic partnerships with institutions such as the American University of Beirut.

The event served as a platform to underscore the transformative impact of EU investment on Cyprus' socioeconomic landscape, reaffirming the country's enduring commitment to collaborative European initiatives aimed at fostering sustainable growth and prosperity.

[With information from CNA]