The President of the Republic Nikos Anastasiades is expected to announce development projects of about €100 mn today.

The list of development projects was determined during the last four consecutive meetings of the cabinet.

All ministers were invited since the end of last year, to submit specific proposals for the promotion and implementation of various development projects, some of which were included in the 2013 and 2014 budgets, however, their implementation was not possible due to the dramatic events of March 2013 and the decisions of the Eurogroup.

The cabinet also decided to complete some mature projects that were interrupted due to the economic recession and the inability of state funds to meet their financial requirements.

President Anastasiades had a long meeting with his colleagues early yesterday evening putting the finishing touch on the package of development projects.
All the new development projects that can begin relatively soon, aim to give momentum to the real economy and create new jobs.

Their announcement emerged amidst estimates that the contraction of the Cyprus economy will continue in 2015, contradicting marginal recovery expectations.

The new development projects seem to be not included in the 2015 budget and, according to reports, will be covered by supplementary budgets. The budget already shows negative fiscal gap compared with last year.

Earlier this year the president had called the cabinet members to submit specific proposals for priority projects of their ministries in order to restart growth through public works.

The projects approved concern the improvement of the tourism sector, health, transport and other infrastructure projects.

All projects have a completion term of 2- 4 years.

Further details will be given by the President during today's press conference, where he will answer to related questions.