The construction of the new Cultural Palace of Cyprus, which is expected to cost £60 million, will start in 2008. Speaking before the House Finance Committee, Chairman of the Cultural Foundation, Kikis Lazarides, said that the project will be financed partly by the European Union. “We have been ensured that the EU will finance 85% of the sum. The remaining sum will be £20 million and the Foundation will raise loan which will be paid in full in 20 years. The Foundation will pay £1.27 million per annum, which is 0.3% of the state’s budget”, he said.

According to Mr. Lazarides, the project is of great importance, since it will connect Cyprus with the EU culturally. “The Palace will be open for everyone and prices will depend on the age and the income. The Palace will also organize free performances for children and students”, he concluded.