The Finance Ministry submitted to Cyprus President Clerides a second thorough study for the cost of a solution to the Cyprus Problem based on the UN peace plan. Meanwhile, the international credit agency, Fitch, has taken an interest in the economic implications of a UN-sponsored solution.

The Finance Ministry has prepared a more analytical and thorough study that contains projects such as new roads and schools, financial aid to the Greek Cypriots that will resettle, reconstruction of buildings etc. The cost is expected to reach billions of euros.

According to the Finance Minister, Takis Clerides, the reconstruction of Famagusta in electricity, drainage and telecommunications exceeds the amount of CYP 1 billion, while the total cost of the expenditure will not be revealed for the present.

International agency Fitch has also expressed its concern over the economic cost of reconstructing occupied Cyprus, about the donators’ conference and other relevant issues of Cyprus economy.

With regard to the evaluation of Cyprus economy by Fitch, the FinMin said that Fitch’s report was the most favourable of all comparable ratings by international agencies (Moody’s, Standard & Poors).