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Cyprus : CYPRUS secures a significant loan from EUROPEAN INVESTMENT BANK for vital sectors.

On Tuesday, the European Investment Bank (EIB) has offered its approval for delivering a loan to Cyprus to facilitate the country to accomplish investments in crucial areas.

The loan of as much as 100 million will be spent in priority areas recognized in the National Strategic Reference Framework, including enhancement of the aggressiveness of the economy of Cyprus, endorsement of sustainable growth and investments in skill developments and innovation.

The EIB President Werner Hoyer stated, 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.

The bank boss further said, "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.

Mr. Hoyer has stated that the new loan will help fortify Cypriot economy s productive base and aggressiveness as well as insert further value to the economy as a result of its longer repayment period and constructive terms and conditions.

He added, "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.

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Publication:Mena Report
Geographic Code:4EXCY
Date:Apr 25, 2013
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