EIB injected over €5 bln in Cyprus
The European Investment Bank has injected over 5 billion euros into various projects in Cyprus, contributing significantly to the island nation’s development, Kyriakos Kakouris, vice president of the EIB, stated last week.
Addressing an event titled “European Cohesion Policy and Us,” by the Panicos Hadjihambis Foundation in Paphos, Kakouris stressed the EIB’s commitment to enhancing quality of life for Cypriots via its investments.
Highlighting Cyprus’ membership in the European Union since 2004, Kakouris emphasized the transformative impact of EU funding on the country’s infrastructure and social cohesion. Despite Cyprus’ modest initial membership fee of approximately €30 million, Kakouris noted that the EU has since reinvested multiple times, facilitating extensive development across various sectors.
Kakouris lauded the efficacy of EIB Social Cohesion Funds, citing numerous projects undertaken throughout Cyprus. These initiatives, he asserted, have significantly elevated living standards for Cypriot residents. However, he lamented the prioritization of alternative agendas by certain beneficiary countries regarding the European cohesion policy.
