The University of Cyprus has been granted a €32 million loan by the Council of the Europe Development Bank (CEB), it was announced on Wednesday.
According to a statement issued by the Finance ministry, the money will be used to finance the second and final phase of the university’s development.
“A lot of people from the government approached the CEB with different projects,” a reliable source said about the deal, “but the only one that was approved was this project.”
During the period from 2016 to 2023, the university will be expanded and modernised. The loan money will see the infrastructure on campus upgraded, including facilities for faculty from various departments.
“The science and innovation centre will be designed, the energy centre for renewables will be finalised and the antiseismic system will be improved,” Rector Constantinos Christofides explained, “and the halls for students will be expanded. Currently there are around 200 rooms, to which another 500 will be added.”
Off-campus, it is planned to renovate and upgrade the Shakoleion health centre facility.
The project is expected to bring substantial economic benefits, such as the ability to carry out more research projects, and upgrade higher education, which encourages innovation and productivity and creates new jobs, according to the finance ministry.
In addition, it is expected to allow more student intake, the creation of additional research and teaching posts, and the employment of more administrative staff.
“It is also noted that the high quality of the working environment will further enhance the attractiveness of the University, will strengthen cooperation with other institutions, and promote the development of new research centres. The new and renovated buildings will lead to greater energy efficiency and the use of renewable energy,” the finance ministry’s statement added.
This is the second loan for the University of Cyprus from the CEB after a loan amounting to €71.8 million was granted in 2001 for the previous phase of the campus development. The loans are a good deal as the interest rate is low, the university’s rector noted.