The board of directors of the Council of Europe’s Development Bank (CEB) has given the green light to a €40 m loan to the Republic of Cyprus to finance two water supply projects for Nicosia and the free Famagustae areas.
The Finance Ministry said that the money will be used for infrastructure at Vasiliko and Kokkinokremos.
The two projects cost a total of €80 m and Republic of Cyprus has already secured a loan for the remaining €40 m from the European Investment Bank, it added.
“Multiple social, financial and environmental benefits will result from the construction of the two water supply projects which will satisfy the water supply needs of 400,000 consumers or some 42% of the population,” the Finance Ministry said.
