Cyprus & World News

UCy unveils €250mn campus plans to Troika

16 July, 2014

 * €150 mln from EIB, places for 10,000 students *

The University of Cyprus plan to go ahead with a mega expansion plan expected to cost about a quarter of a billion euros, some 150 mln of which will come from the European Investment Bank.
University Rector Constantinos Christofides analysed the plans to a team of the Troika of international lenders, saying the project will need seven to ten years to complete.
Christofides said there was a solution under consideration to include the amount from the European Investment Bank in the public debt, to be repaid within 25 years from the university’s revenues, with a reply from the EIB by mid-November.
He said that the plan will allow the university to host 10,000 students, 2,000 researchers, 500 academics and other staff.
Christofides said the plan includes a solar park which would save the university around 4 mln euros a year, and another 1.5 mln from saving on rents.
Meanwhile, Finance Minister Harris Georgiades had a three-hour meeting with the heads of the Troika who have returned for the fifth assessment of the implementation of the Cyprus adjustment programme.
During the meeting they discussed issues related to the banking sector with Central Bank Governor Christalla Georghadji also sitting in.
Troika officials also had a meeting with Labour Minister Zeta Emilianidou and discussed the implementation progress for the Guaranteed Minimum Income (GMI), a list of social benefits and the rationalisation other allowances.
The officials also had meetings with trade union representatives from SEK and DEOK, Democratic Rally (DISY) leader Averof Neophytou, the Cyprus Tourist Organisation and hoteliers to discuss progress in the tourism sector.