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Cyprus

Cabinet approves compensation to farmers

€1.5m will be paid out in damages

Cabinet approved on Monday the transfer of €10m from the state budget to the Agriculture Insurance Organisation (OGA) to be given as compensation to farmers whose crops were damaged this year.

This money will be used for the second instalment the agency owes to farmers as compensation due to natural disasters and adverse weather conditions.  Another €6m was approved by the cabinet in September and has already been paid to farmers as a first instalment.

Cabinet also approved to grant government guarantees to the European Investment Bank for the Institute of Neurology and Genetics (CING) to receive a €26m loan to finance its expansion.

The loan will be used to construct a building that will be equipped with cutting-edge equipment for the institute’s research and development projects, and to fund new research groups that will focus on applied medical and biomedical research.

It also includes maintenance and renovation of existing infrastructure facilities of the institute.

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