EIB approves 100 mln euro loan for key Cyprus investments

The European Investment Bank has approved a loan of up to EUR 100 mln for key investments in Cyprus. The loan will be used for investments in priority areas identified in the National Strategic Reference Framework, which include improving the competitiveness of the economy, promoting sustainable development, and investing in skills and innovation. It will therefore contribute to the smart, sustainable and inclusive growth of the Cypriot economy in line with the Europe 2020 strategy.
“This loan builds on the EUR 200 mln loan provided in 2012 which has been committed to support a large number of schemes in the areas of solid waste management, renewable energy, skills and innovation and urban development,” said EIB President Werner Hoyer.
“Examples of projects financed include the improvement of operations of 37 waste sites in Paphos district, development of a Green Point Network in Cyprus, development of the Open University of Cyprus’ technological infrastructure and regeneration of Limassol’s town centre. The new loan will strengthen the productive base and competitiveness of the Cypriot economy and provide financial added value due to its long tenor and favourable terms through the JASPERS initiative,” Hoyer said.
The facility will unlock investments in key infrastructure and regional assets and is expected to assist the country's absorption rate of EU Structural Funds. The EIB will keep its product mix and expertise available and ready to use for the benefit of Cyprus in the coming years, he concluded.