EU FUNDS: Cyprus to get €50m for transport project finance

Communications and Works Minister Marios Demetriades took part in the EU Informal Transport Ministerial Council in Milan this week where he secured project finance for transport worth €50 mln over the next six years.

The project is part of the Trans-European Transport Network (TEN-T) funded by the “Connecting Europe Facility” comprising nine corridors.
Cyprus has joined the Orient/East-Med Corridor that starts in Hamburg, crosses Europe, passes Greece, arrives in Limassol and ends in Nicosia. The funding is for road, port and intelligent transport system projects.
The Council also discussed ways of financing TEN-T with specific financial instruments which encourage the public-private sector partnerships. The European Commission and the European Investment Bank will jointly administer these instruments.
On the sidelines of the Council, Demetriades had a meeting with the coordinator of the Orient/East-Med central corridor, Mathieu Grosch, with whom he discussed projects to be suggested by Cyprus for funding.