ECONOMY

Nicosia, EIB and Hellenic Bank sign €362 mln financing deal

nicosia-eib-and-hellenic-bank-sign-e362-mln-financing-deal

Werner Hoyer, president of the European Investment Bank, and Alain Godard, chief executive of the European Investment Fund, visited Cyprus on Friday for a meeting with the ministers of Finance Constantinos Petrides and Transport, Communications and Works Yiannis Karousos, and with Hellenic Bank CEO Phivos Stasopoulos to confirm details of 362 million euros of new financing for priority transport investment and business financing. 

“Two finance contracts were signed today between the Republic of Cyprus and the EIB. The first one concerns the signing of a loan agreement for up to €112 million for the financing of National Roads III Project which consists of the construction and improvement of roads and motorways that have been prioritized by Nicosia as strategic roads of national importance. This also includes an investment in fixed and mobile speed enforcement cameras. The project is expected to contribute directly to the local and wider economy of Cyprus mainly through time saving for transport users and vehicle operating costs, improved reliability and safety, and also wider impacts on productivity, employment and induced investment,” said Petrides.