CNA News

EIB has funded projects of a value of €5 bln in Cyprus, its vice president said

Projects with a total value of more than €5 billion have been financed by the European Investment Bank in Cyprus, said the Bank’s Vice-President, Kyriakos Kakouris, speaking at an event entitled “European Cohesion Policy and us”, organized by the Panicos Hadjihambis Foundation on Thursday in Paphos.

Cyprus became a member of the European Union in 2004 paying a small fee of around €30 million to date, which has been taken back multiple times, he noted. In addition, Kakouris referred to the value of the European Investment Bank, noting that the EIB has financed projects in Cyprus with a total value of more than €5 billion euro.

As he said, he has seen projects carried out across Cyprus by EIB Social Cohesion Funds, noting that these projects have improved the Cypriot citizens’ quality of life.

He added that in Europe, as in the past and now, there are countries that really want to change the cohesion policy. The unfortunate thing, he continued, “is that some countries that have benefited a lot prefer other plans, such as resilience plans at this time.” The solution, he suggested, “is that small countries need to have a voice because it is a policy that works.”

Mayor of Pafos, Phedonas Phedonos, said in his address that he always makes sure that the people are aware of the benefits Pafos has received from Europe.

Summing up, he said that out of a total of €222 million, which is the value of the works done during the nine years of his mayorship, “the 32 million euro come from the American University of Beirut, 80 million of from European co-financing, including the money given from the Maritime Fund, and there is another 16 million euro for the new season.