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The European Investment Bank (EIB) is backing Cyprus with a major boost for road infrastructure. Vice President of the EIB, Kyriakos Kakouris, is in Cyprus to sign the first part of a €200 million loan agreement. The signing ceremony is set for today, Friday, where €100 million of the loan will be officially approved.
The event will take place at the Ministry of Finance, with Finance Minister Makis Keravnos and Transport Minister Alexis Vafeadis in attendance.
This loan will help finance crucial road projects managed by the Public Works Department. The EIB sees this as a significant step forward in its ongoing commitment to Cyprus, aiming to improve infrastructure and fuel economic growth.
The European Investment Bank has been a long-standing partner for Cyprus, supporting the country for more than 40 years. Since 1981, the EIB has invested a total of €5.6 billion in Cyprus. Recent projects funded by the EIB include improvements in water management, sustainable housing, urban transportation, digital development, and climate initiatives.
In 2023 alone, the EIB provided €257 million to Cyprus, funding essential projects that support water infrastructure, regional development, and environmental sustainability.
This new road infrastructure investment not only enhances transportation but also strengthens the country’s economic resilience and development. The agreement highlights the strong relationship between Cyprus and the EIB, which continues to pave the way for a more connected and modern future.
With information from CNA
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