ECONOMY

New 100 mln euro loan for education in Cyprus

Cypriot Finance Minister Charilaos Stavrakis (right) signs an agreement in Luxembourg on Monday with European Investment Bank (EIB) president Plutarchos Sakellaris (left) concerning a 100 million euro loan being provided to Cyprus to support the country?s education facilities.

?With this 100 million euro operation, the (EIB) will contribute to the financing of the construction of 31 new kindergarten schools and the construction and modernisation of more than 100 primary and secondary schools in Cyprus,? said Stavrakis in statement.

In 2003, the EIB, the European Union?s lending bank, had provided Cyprus with a 200 million euro loan for the development of the country?s education infrastructure.

A core objective of the EIB, whose shareholders are the 27 EU member states, is to contribute to the provision of higher education, said Sakellaris.

?It raises the level of educational attainment through better learning experiences and contributes to a swift economic and social development in Cyprus,? he added.