Cyprus Mail

UCY to get a €32m loan from Council of Europe Development Bank

The Council of Europe Development Bank will extend a €32m loan to the University of Cyprus to finance the expansion of its campus, the finance ministry said.

The loan agreement, scheduled to be signed on Friday by finance minister Harris Georgiades and the bank’s governor Rolf Wenzel in Nicosia, will allow the state university to expand and modernise its facilities over 2016 to 2023, the ministry said in an email on Thursday.

The project includes the construction of new infrastructure at the Athalassa Campus, the renovation and upgrading of existing facilities and improving energy efficiency and the earthquake resistance of buildings, as well as the renovation and upgrade of Shacolas Health Centre, located elsewhere.

The ministry added that the project will allow the University of Cyprus to engage in more research, offer better education services by encouraging innovation and productivity, and create jobs.

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