The European Investment Bank (EIB) loan will be used for investments in priority areas identified in the National Strategic Reference Framework, which include improving the competitiveness of the Cypriot economy, promoting sustainable development and investing in skills and innovation.

“The €100 million loan approved today builds on the €200 million 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," he added.

According to the EIB President, 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. "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.

Source: Cyrpus Mail