[PIO] Announcement by SALA regarding the signing ceremony of the loan agreement with the European Investment Bank

The signing ceremony of the loan agreement between the Limassol Amathus Drainage Board (LADB) and the European Investment Bank (EIB) for the financing of two major projects of LADB took place on Friday 22 December 2023, at the Ministry of Finance: the construction of the sewerage network in the community of Palodia and the design of the sewerage system in the Kourion Complex (Ipsona, Kolossi, Erimi, Episkopi, Trachoni, Asomato, Akrotiri and Tzerkez).

The loan amounts to EUR 10 million and concerns the financing of the government's contribution to the two projects.

The loan agreement was signed, on behalf of SALA, by its Director General Mr. Yannis Tsouloftas and, on behalf of the EIB, by its Vice-President Mr. Kyriakos Kakouris. The ceremony took place in the presence of the Minister of Finance Mr Makis Keravnos and the Minister of Agriculture, Rural Development and Environment Mr Petros Xenophontos.

In his speech, the Director General of SALA thanked the European Investment Bank for its long-standing support to the Council's development programme for the implementation of fundamental infrastructure projects in Limassol, which have contributed over the last 30 years to the city's transformation from a small provincial town to an international business centre, a renowned tourist destination and a sought-after place for permanent residence.

Through sound, responsible and prudent financial management, the Council as a borrower adheres to the terms of its loan agreements to the letter and in spirit. Out of the total borrowing of EUR 110 million, SALA has already repaid to the EIB principal amounting to approximately EUR 45 million.

SALA looks forward to continuing and enhancing the good cooperation between SALA and the EIB for the design and implementation of many similar development projects, which enhance the quality of life, promote economic growth and protect the environment in the city and district of Limassol.

(ΕΠ/NΖ)
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