The Vice President of the European Investment Bank, Kyriakos Kakouris, is in Cyprus for an official visit to sign on Friday the first tranche of €100 million of the new loan agreement with the EIB, totaling €200 million, for the partial financing of road infrastructure projects by the Public Works Department.

A press release issued by the Ministry of Finance said that the signing ceremony for the loan agreement will take place at the Ministry of Finance on Friday and will be attended by the Minister of Finance, Makis Keravnos, and the Minister of Transport, Communications, and Works, Alexis Vafeadis.

The agreement, said the EIB, marks a "significant milestone" in the continuous support of the EIB to Cyprus, with an emphasis on strengthening sustainable infrastructure and promoting economic development.

The EIB further added that it has supported Cyprus for over four decades, with investments totaling €5.6 billion since 1981. Recent initiatives include projects for the modernisation of water management, urban mobility, and sustainable and affordable housing, as well as support for digital transition and climate action.

In 2023, the EIB invested €257 million in Cyprus, supporting infrastructure for water management, regional development, and strengthening economic resilience, while also enhancing environmental sustainability.