[Shutterstock]
The European Investment Bank is providing the Cypriot government with a 72-million-euro loan for a new national archaeological museum in the capital Nicosia.
The EIB credit will be used to build the planned state-of-the-art Cyprus Archaeological Museum, which will serve as a cultural landmark while contributing to urban regeneration.
The EIB Group, which also includes the European Investment Fund (EIF), on Thursday also announced that new financing in Cyprus in 2024 totaled €225 million.
Top projects last year included EIB loans of €125 million for the Cyprus University of Technology (CUT) to build affordable student housing and upgrade campus facilities in Paphos and Limassol and €100 million for the Cypriot government to improve and expand road networks.
“Our work in Cyprus is a testament to the transformative power of the EIB’s strategic financing,” said EIB Vice President Kyriacos Kakouris.
“In 2024, we reaffirmed our commitment to the country by supporting major projects in sustainable and affordable student housing as well as critical transport – infrastructure improvements, reinforcing social cohesion in the process.”