The European Investment Bank (EIB), the Ministry of Finance and the Cyprus Institute of Neurology and Genetics (CING) have signed two new financing agreements for €55 million in additional funding for projects associated with healthcare, research, education, and sustainable development.
Speaking at the 25 September signing, Minister of Finance Makis Keravnos noted that the government has built a relationship with the EIB based on common values and mutual trust and added that through the long-term support of the EIB, Cyprus has been able to develop essential projects that create the foundations for a more resilient and sustainable future.
The first agreement that was signed concerns additional financing of €5 million for CING, bringing the EIB’s total support for the Institute to €31 million. The new funds will be used to complete the construction of new facilities, refurbish existing premises, and purchase advanced medical and laboratory equipment, including genomics, proteomics, microscopes, bioinformatics tools, and a biobank.
The EIB Vice-President noted that the results of such a project include better treatments for patients, more reliable and advanced care, and new perspectives for researchers and scientists. He also expressed his satisfaction with the progress of the construction of the new facilities, as the General Executive Director of the CING, Leonidas Phylactou, announced that the construction is expected to be completed around the end of November and its handover will take place before Christmas.
Phylactou also noted that six new research groups will now be working in CING. The team leaders have already been hired and the rest of the team members will be selected soon. He added that the creation of new research teams will create new vacancies for scientists and will strengthen cooperation with international research centres, attracting more students in Cyprus.
"THALIA" 2021–2027
The second agreement involves the allocation of €50 million to the Operational Programme "THALIA" 2021–2027, which is Cyprus’s main development programme. The programme aims to promote smart, green, and inclusive growth, with investments in areas such as energy and water efficiency, modernisation of schools and vocational training centres, development of digital public services, and environmental protection and climate resilience. The total budget of the "THALIA" programme amounts to €1.5 billion, with the EIB having already financed €180 million and approved an additional €369 million.
Keravnos said that "the investments financed through the programme are expected to contribute to an increase in our country's GDP by approximately 5.9% and to the creation of approximately 8,500 new jobs by 2029."
EIB Vice-President said that the projects developed through THALIA, actually do change the everyday lives of the people, and gave the examples of the energy management by Municipalities, the modernisation of schools, universities and research infrastructures, the development of digital public services, as well as projects that enhance sustainability and resilience against the climate crisis.
During the agreement signing ceremony, on the occasion of the completion of Kyriakos Kakouris' two-year service in EIB, Minister Keravnos expressed his gratitude towards Kakouris, for his role as the EIB Vice-Prsident.
"His contribution leaves a lasting and positive imprint on Cyprus and its citizens, and I am confident that the legacy he leaves will continue to bear fruit in the future," he said. Kakouris thanked the Minister and said that he felt that, as the first Vice-President of the EIB from a small country, he represented not only Cyprus but also other small countries, such as Malta, Luxembourg, and the Baltic countries.
(Sources: CNA, PIO)
