CoE Development Bank approves 40 million euro loan for Cyprus water projects

The Council of Europe Development Bank approved on Friday a loan of 40 million euro to the Republic of Cyprus. The loan aims to finance two water supply projects in Cyprus to meet the needs of Nicosia and the government controlled areas of Famagusta. It concerns infrastructure projects at the Vasiliko area and the Kokkinokremmos area, respectively.

According to a press release by the Ministry of Finance, the total cost of the two projects amounts to Euros 80 million. It is added that the Republic of Cyprus has already secured a loan from the European Investment Bank for the remaining Euros 40 million.

The press release says that there will be multiple social, economic and environmental benefits from the construction of the two water projects, which are expected to meet the water supply needs of 400,000 consumers, about 42% of the population of Cyprus.

Source: Cyprus News Agency