CoE Development Bank in 40 mln euro projects in Cyprus

An agreement to finance development projects in Nicosia amounting to 40 million euros was signed by the Governor of the Council of Europe Development Bank Raphael Alomar, Finance Minister Harilaos Stavrakis and Nicosia Mayor Eleni Mavrou.

As the Mayor said, the loan represents 29% of the cost of the projects, part of a development budget amounting to 155 million euros.

Approximately 29% of the total cost has been financed by the European Investment Bank and the rest by the municipality, government grants and funds from the EU Structural Funds and the Cohesion Fund.

Nicosia Municipality had applied for a loan after having drawn up a comprehensive programme of 17 projects relating to urban infrastructure.

The programme includes road network improvement, renovation of central traditional points, sports facilities, support of old buildings, construction of pavements, redesigning public spaces and promoting the architectural and cultural heritage of the city.

Mavrou noted that ''these projects aim to improve the natural and urban environment, creating public facilities for the development of social infrastructure and encouraging private initiative to promote and enhance economic growth''.

She added that the search for sustainable solutions is of particular importance to Nicosia as the sustainability of the city has to deal with its long division.

Nicosia is the last divided city in Europe, with its northern part lying in the Turkish occupied areas of Cyprus and its southern part in the government controlled part of the country.

Cyprus has been divided since 1974, when Turkish troops invaded and occupied its northern third. UN-led peace talks are currently underway between the leaders of the island’s two communities, in an effort to find a negotiated settlement that will unite the country under a federal roof.