[European Investment Bank]
The European Investment Bank is backing Cyprus with a major boost for road infrastructure. Vice President of the EIB Kyriacos Kakouris was in Cyprus on Friday to sign the first part of a 200-million-euro loan agreement. Friday’s signing ceremony sealed the approval of the first €100 million of the loan.
The event took place at the Ministry of Finance, with Finance Minister Makis Keravnos and Transport Minister Alexis Vafeades in attendance.
This loan will help finance crucial road projects managed by the Public Works Department. The EIB sees this as a significant step forward in its ongoing commitment to Cyprus, aiming to improve infrastructure and fuel growth.
The European lender has been a long-standing partner for Cyprus, supporting the country for more than 40 years. Since 1981, the EIB has invested a total of €5.6 billion in Cyprus. Recent projects funded by the EIB include improvements in water management, sustainable housing, urban transportation, digital development and climate initiatives. In 2023 the EIB provided €257 million to Cyprus, funding essential projects that support water infrastructure, regional development and environmental sustainability.