Cyprus Internet Directory Jobs In Cyprus
  Cyprus Internet Directory Search       
Google Search
  
Cyprus Internet Directory Search
  
Cyprus Comming Events    Cyprus 
Events 
   
Cyprus News Articles    Cyprus News 
and Articles
   
Cyprus Guide    e Guide
to Cyprus
  
Quick Links


By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
Read More

SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
Read More

By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
Read More

  
Cyprus Internet Directory [ Cyprus signs €100m loan agreement with EIB ]

Cyprus signs €100m loan agreement with EIB

THE government and the European Investment Bank yesterday signed a loan agreement for €100 million to be used for various projects.

The loan will be used to part-finance investments totalling €1.2 billion in areas identified under the National Strategic Reference Framework for the 2007-2013 period, which include improving the competitiveness of the Cypriot economy, promoting sustainable development, and investing in skills and innovation.

This new loan complements a first loan of €200 million provided in 2012 for the same purpose.

“It comes as a timely boost to the Cypriot economy and enhances the effective use of the EU grant funds allocated to the country,” said EIB President Werner Hoyer said. “We are joining forces with the European Commission in supporting the priority areas of sustainable development and human capital and building upon the excellent working relationship with the Cypriot authorities.” 

This second loan brings total EIB support for key investments in Cyprus to €300 million. 

Finance Minister Haris Georgiades said Cyprus was committed to implementing the necessary reforms but it was important that a helping hand had been extended at a time when it was needed.

EIB finance focuses on solid waste management, renewable energy, skills and innovation and urban development. 

EIB, Vice President Mihai Tanasescu said that at a meeting with Cypriot Energy Minister  George Lakkotrypis he had asked the EIB to provide advice on how the construction of natural gas liquefaction terminal could be financed.

“Our answer was a very clear positive answer, we can deliver, we can provide some financing advice to them to see this important project for Cyprus could be implemented”, he added.

Asked whether the EIB was interested in investing in the LNG terminal the construction of which has been decided by the Cypriot government, Hoyer did not rule out the possibility of financing the project.

“On the other hand we know that the most ambitious plans for the exploitation of the gas fields that might be available will take a little bit more time and so a transition period will probably be needed and for the long run an LNG terminal”, he added.

Hoyer said that the EIB could conduct the necessary economic analysis from a banking point of view. He noted that “the EIB had a rather unique ability to combine the loan activity of a bank with the blending activity of EU resources, EU funds and the advisory capacity of the banks”.

“So we can provide the necessary engineering advice that the authorities might need if they want to we stand ready”, he concluded.

Finance Minister Harris Georgiades (right) with President of the European Investment Bank (EIB) Werner Hoyer


(Source: Cyprus Mail)
Copyright © Cyprus Mail 2008 Please contact Cyprus Mail for the copyright terms of this article.



Article Options

Email to a friend Email To A Friend     Print Article Print Article     Add Article To Favorites Add Article To Favorites




  

Other Related Articles


Cyprus News Article Submission

If you have an article and you wish to submit it to our database please send us an email. In your email subject quote "Article Submission" and attach the article to the email. To email us Click Here

Cyprus Holiday Villas-Investment Properties

A wide range of holiday villas, investment properties, building plots and apartments in Cyprus for sale by owner. Save money on your holiday villa in Cyprus and enjoy the holiday feeling for ever.