An agreement for an €8.2m donation to build a Technical Education Institute in Limassol was signed in Nicosia on Friday between Cyprus and Absolute Charitable Trust Organisation.
In his address at the signing ceremony held at the Presidential Palace, President Nicos Anastasiades said the donation is the result of the trust Alexandr Svetakov has shown in the country following time spent on the island and his acquaintance with the Cypriots.
Anastasiades stressed that his government places emphasis on what the country needs, meaning the connection between education and vocational training.
“With today’s donation we are rebuilding what we had wrongly suspended, the Higher Technological Institute. Something that seems to be even more necessary today than it used to be in the past,” he noted.
Anastasiades expressed his deep gratitude to Svetakov, his wife and Absolute Charitable Trust “for this significant contribution that will make our country more creative and will provide our young people with the necessary skills.”
The president also stressed that the thriving and rapid growth of the economy is due to the trust Russians show in Cyprus and to the excellent relations the government has with the Russian Federation.
Svetakov is a Russian billionaire property developer, the founder and chairman of Absolut Group. The Group, according to Gold News, also invests in Cyprus. Among the Group’s most recent developments in Cyprus is the Noble Business Center in Limassol, which was completed in 2015, while it also participated in the first phase of the tender process for an Integrated Casino. Absolute Investment Group was selected last year as a winner at the Cyprus Investment Promotion Agency’s (CIPA) International Investment Awards.
The Higher Technical Institute (HTI) was a public tertiary educational institution established in 1968 as a joint project between the Government of Cyprus and the United Nations Development Programme (UNDP). Its main objective was to educate technical engineers to meet the needs of industry for suitably trained personnel in middle management positions as well as the promotion of applied research. HTI offered three-year full time courses in Civil Engineering, Electrical/Electronic Engineering, Mechanical Engineering and Computer Studies. The institute, along with several other similar schools, was integrated in 2003 within the then newly established Cyprus University of Technology.