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Transport Minister and EIB official discuss projects' financing

The Cypriot state's priorities are among projects that the European Investment Bank is interested in financing, a press release issued by the Transport, Communications and Works Ministry has said.

The press release followed a recent meeting between Minister Alexis Vafeades and the Vice-President of the European Investment Bank (EIB), Kyriakos Kakouris, in the presence of the Permanent Secretary of the Ministry, as well as a delegation of the European Investment Bank.

According to the press release, the two sides reaffirmed the long-standing excellent cooperation between the Ministry and the EIB, which has resulted in good results and the implementation of important projects aiming at sustainable social and economic development. 

As it is noted "it was acknowledged that the state's priorities are included in the projects that the European Investment Bank is interested in financing, something which shows that Cyprus is fully in line with Europe".

Taking into account the special character of Cyprus, as an island member state of the European Union (EU), far from mainland Europe, where the movement of people and goods inland are carried out by road network, combined with the absence of the possibility of operating a railway network, the complete dependence on road transport was acknowledged, as well as the necessity of operating a modern, efficient and safe road network.

It is noted that by recognising the particularities of an island-state, the European Investment Bank views the continuation of financing roads and ports positively.

Building projects, and especially projects for the energy upgrading of buildings, and even governmental ones, also fall under the projects that the European Investment Bank is interested in including in its financing.

Road safety was also identified as an important action that the European Investment Bank is interested in considering for funding.

Such projects will contribute to the further reduction of road collisions are potentially eligible, the press release said.

Vafeades emphasised that the Republic of Cyprus will remain a loyal partner of the European Investment Bank in the coming years, proposing high-value projects with European added value and fully aligned with national and European goals for climate emissions.

(Source: CNA)

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