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It is with great pleasure that I attend and address today's signing of the loan agreements between the European Investment Bank and the Limassol-Amathus, Larnaca and Nicosia Drainage Boards.
The conclusion of these loan agreements is a very important development and will make a major contribution to the implementation of the sewerage projects of the three Drainage Boards of Nicosia, Larnaca and Limassol-Amathus. These projects are executed by the Councils on behalf of the State.
The projects are of the highest priority for the State, as they fall within the Programme for the implementation of Directive 91/271/EEC for the treatment of urban waste water in municipalities and municipalities with a population equivalent of more than 2,000. The failure of the Republic of Cyprus to comply in time with the requirements of the aforementioned Directive resulted in a condemnation and in April 2023 the European Commission sent a Letter of Formal Notice for failure to enforce the condemnation quickly and effectively for 29 agglomerations. According to the latest National Implementation Programme of Directive 91/271/EEC, the deadline for full compliance is 31 December 2030.
The Ministry of Finance, in cooperation with the Ministry of Agriculture, Rural Development and Environment, the Department of Water Development and the three Drainage Boards, in their efforts to find funding, consulted the European Investment Bank (EIB). With the successful completion of the relevant technical assessment of the projects under the Implementation Programme by EIB officials, funding of up to €100 million has been secured to cover both the Drainage Boards' and the State's contribution.
It was considered that the conclusion of the loans by the project promoters, i.e. the Drainage Boards, has several advantages as it simplifies the procedures and, at the same time, the State budget is not directly burdened as the cost of the projects is shared according to the repayment of the loan instalments.
The implementation of these sewerage projects, apart from the compliance of the Republic of Cyprus with the requirements of Directive 91/271/EEC, will bring other important benefits such as the protection of the environment and groundwater resources and the protection of public health, as well as other positive effects on the life of the inhabitants of the areas concerned.
In conclusion, I would like to thank the EIB for concluding these loan agreements and all the officials who have contributed to the whole process and to wish the Drainage Boards every success in carrying out the drainage works in the remaining settlements. I assure you that the Ministry of Agriculture, Rural Development and Environment will stand by the Councils in a constructive manner, supporting every effort for the execution of the projects.
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