The process of signing the Loan Agreement for the financing of projects and programmes of municipalities up to €150 million between the Republic of Cyprus and the European Investment Bank (EIB) was completed yesterday. The agreement was signed on behalf of Cyprus by the Minister of Finance, Mr Constantinos Petrides.
The Loan Agreement concerns the financing of exclusively multi-sectoral development programmes of municipalities, within the framework of the country's investment programme for the years 2021-2027 aimed at sustainable development.
This is an interim framework loan to the Ministry of Finance to support investments related to urban regeneration and rehabilitation in all Municipalities of Cyprus and will be granted to Municipalities according to the existing mechanism agreed between the Ministry of Finance and the Ministry of Interior according to the established criteria.
This Loan Agreement enables financing for Municipalities' projects due to the fact that Municipalities are unable to secure loans for the implementation of their projects. This facility ensures the smooth implementation of Municipalities' projects, many of which are made with the contribution of the Government.
Eligible investments may include, inter alia: i) the upgrading of urban green spaces and open public spaces; ii) the improvement of sustainable urban transport (roads, pedestrian and cycle paths, public transport network); iii) the renovation and reconstruction of public buildings; iv) small-scale upgrading of basic municipal infrastructure (roads, drinking water, sanitation, etc.(v) urban regeneration actions, and (vi) smart cities and e-government.
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