President announces measures to stimulate economy (2)

President announces measures to stimulate economy (2)

President of the Republic Nicos Anastasiades has unveiled a series of measures aiming, as he said, at stimulating the economy and creating new jobs.

Speaking to the press on Friday, President Anastasiades said that the Government will call for tenders for projects worth of over 200 million euro, which are included in the state budget. These concern environmental and town planning projects and sewerage and infrastructure projects, he explained.

The President also announced that mature projects worth of 80 million will be promoted, related to upgrading of hospitals, construction of new health centres and schools, tourism infrastructure, urban landscape and upgrading of road networks.

“These are projects of high social benefit for which we have managed to secure funds without endangering public finance consolidation” he stressed.

During the past two years, he said, “we have managed to prove wrong those forecasting the collapse of the economy, we have managed to restore our country`s credibility, stabilise our banking system, and be on a path to recovery and exit from the Memorandum”.

Besides promoting development projects included in the state budget, Anastasiades said that it has been decided to accelerate the execution of the second phase of the University of Cyprus campus, a 162 million euro project that includes the building of new facilities, laboratories and a large solar park, that will make the campus energy independent.

The President announced that all existing capital controls will be abolished as of the beginning of next week.

“The removal of the remaining restrictions marks the final restoration of confidence in our banking system” he pointed out.

Anastasiades announced the implementation of nine new schemes in a bid to create new jobs, by subsidising employment, helping job seekers to acquire experience and participate in trainings, with a cost of 58 million euro.

He said that 6.200 persons were employed through four similar schemes implemented in the previous year.

To further support private initiative, the President announced the Cabinet’s decision to extend urban development incentives granted two years ago, to support especially the construction and tourist industry.

The President said that the Cabinet has decided on a series of measures to expedite tenders process and ensure transparency, adding that the Government has prepared four bills that will be soon tabled to the Parliament for a vote.

“We are determined to continue implementing policies and actions that will allow us to return to the markets and to growth, tackle unemployment, further support the vulnerable and rid of the Memorandum” he noted.

The President concluded by stressing that these measures are not the last ones.

Cyprus needed a 10 billion euro bailout from the euro zone and others in 2013. The aid pulled the island from the brink of bankruptcy, following heavy losses at its banks after a Greek debt restructuring.