EIB funds in Cyprus reach €1.5 bln

The European Investment Bank had been active in Cyprus since 1981, but its financing facilities rose dramatically in 1996 after Cyprus started EU accession talks.
In the past 12 years, EIB funding to Cyprus has exceeded EUR 1.5 bln, half of which was allocated after EU accession in 2004.
During the last five year period, the EIB has allocated EUR 645 mln to finance investment schemes in Cyprus with the aim of promoting EU targets and EIB priorities. In all, 49% of all EIB funding has been directed at combating pollution and improving quality of life.
All the major town of Nicosia, Limassol, Larnaca and Paphos have benefited from funding to improve public infrastructure, in particular water supply and sewage. Some 27% of all EIB funding involved complex high priority infrastructure projects, such as transport, IT and communications for public services, while 20% went to the energy sector, such as the combined cycle internal combustion unit at Vassiliko and Dhekelia power stations. A further EUR 32 mln was earmarked for project finance involved with structural funds.