President Nikos Christodoulides has announced significant investments in infrastructure and urban upgrading projects both in the Paphos district and across Cyprus, of a total value of €3.5 billion, with implementation set to begin on 1 January, 2028.
Speaking at the inauguration ceremony for the regeneration of the central core of Koili Community, in the Paphos district on 5 November, President Christodoulides said that the project in Geroskipou, with a total value of €3.4 million, has been completed, while significant urban development projects are also being promoted in other areas of the Paphos district, such as Kouklia, Pegeia, and Latsi.
The planned interventions in the Paphos district, he said, represent investments of approximately €75 million.
Referring to the government’s broader development planning, he said that projects with a total value of €3.5 billion are expected to be approved by September 2027, with implementation set to begin on 1 January, 2028.
He explained that of this total amount, €2.5 billion will come from European funds, and €1 billion from national resources.
Furthermore, he noted that the government’s objective is for economic growth, and being able to transform available European and national resources into tangible results for citizens, through modern infrastructure, upgraded public spaces, and a better quality of life.
The President recalled that during a meeting with local stakeholders from Paphos in September 2025, a wide range of interventions was presented for Paphos and the government controlled areas, comprising over 75 projects with a total budget exceeding €230 million.
These projects, he noted, address significant needs in the areas of infrastructure, road safety, sustainable mobility, the environment, and local development.
"Our goal is to revitalise these beautiful areas—our mountain communities and their traditional cores—with the aim of creating sustainable and functional spaces," he said.
Earlier on, the President visited the Pafos II Industrial Area (Agia Varvara) and the Carpentry Factory. Addressing the management and staff of the Carpentry Factory, the President noted that a key objective of the Government is the revitalisation and further strengthening of the facility, as well as an increase in exports, with the aim of reducing the country’s reliance on imports and improving the trade balance.
According to an official press release, the President stressed that the tax reform is intended to bolster Cypriot businesses and encourage reinvestment in the domestic economy.
Concluding, he noted the importance of new investments and the utilisation of modern technology within the industry, pointing out that wood remains an irreplaceable raw material.
(Source: CNA)
