EU Commission announces EFSI plan to provide Euros 35m. to Cyprus Organisation for Storage and Management of Oil Stock

The European Investment Bank (EIB) has agreed the first infrastructure project in Cyprus under the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe, announced today the European Commission in Brussels.

According to the announcement, the European Investment Bank will provide Euros 35 million to the Cyprus Organisation for Storage and Management of Oil Stocks (COSMOS) to build a 210,000 tonne privately-owned storage facility. The Juncker Plan-backed project will focus on enhancing energy efficiency and it will improve Cypruss energy security by increasing the amount of reserve oil stocks held in the country.

Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said on the occasion that “the EUs Energy Union strategy aims to make energy more secure and affordable.”

“This first EFSI project in Cyprus with COSMOS will help us meet those goals. I encourage more project promoters in Cyprus to contact the EIB with their investment proposals in order to continue boosting growth and creating jobs,” stated the Commission Vice President.

Source: Cyprus News Agency