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Practical support of the European Investment Bank in the development program of the Municipality of Paphos

Practical support of the European Investment Bank in the development program of the Municipality of Paphos

24.05.2024

The European Investment Bank’s (EIB) practical support for the Paphos Municipality’s program to create modern, functional projects with strong social, environmental and cultural impact was confirmed by the bank’s Vice President, Kyriakos, in Paphos today. Kakurisa .

At the meeting that Kyriakos Kakouris held at the Municipal Hall with the Mayor of Paphos, Faidonas Faidonos, in the presence of officials from both organizations, discussed issues related to their cooperation, based on the promotion of their basic principles and goals for the benefit of the society of European citizens. This was followed by a visit to two important projects carried out by the municipality for which Ε.Τ.Επ had been approved. conclusion of loans in favor of the Paphos Municipality. This is a project for the creation of the Historical Documentation Center of the city of Paphos and the formation of the surrounding area (old central police station), as well as a project for the construction of a student residence of the municipality in addition to TEPAC.

In his statements, the Vice President of ETEP, while expressing satisfaction with the efficiency and effectiveness demonstrated by the Paphos Municipality over the last ten years or so in the use of European Union resources, stated that although its work in establishing the Historical Documentation Center has been approved by the Ministry of Finance, the municipality’s credit for account of the loan concluded between the Republic of Cyprus and Ε.Τ.Επ. For the student dormitory construction project, it is expected that during the first ten days of June, official approval for signing the loan agreement will be given by the competent authority of the Bank. Once the relevant loan agreements have been signed, it will be possible to begin repaying the amounts on both loans.

For his part, the mayor of Paphos, thanking Ε.Τ.Επ. for its practical and very important support to the work of the local authorities to transform the city over the past nine years, noted that the support of two specific high-profile projects is a renewal and a strong confirmation of the support of the European Union and the confidence of the financial/credit authority in the municipality of Paphos. “With the support of the European Union, we are building the future of Paphos with reliability, efficiency and a commitment to a vision of sustainable and people-centred development.”

Source and photo: inbusinessnews.reporter.com.cy, Editor estateofcyprus.com
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