President Nicos Anastasiades on Thursday announced new projects in Nicosia worth €420m, including a new parliament building expected to cost some €71m.
Construction of the new parliament is expected to start in June 2018, the president said.
The projects he announced include improvements to the road network, renovation of the Nicosia courthouses and the old municipal market, sprucing up the lot that used to house the old GSP stadium, and repairs and improvements to schools.
Some €254m will be spent on projects in the district’s municipalities with Nicosia receiving the most, €161.5m.
Public utility projects are expected to cost some €125m, including €51m on a ring road, €43m on water supply system, and €27m on the restoration of landfills.
Anastasides reiterated the government’s decision to take over repayment of guaranteed local authority loans worth €178m.
The decision, he said, would be beneficial to the district, and Nicosia municipality, which would get rid of close to €85m in loans.
“Local authorities can now utilise the substantial sums they were obliged to pay on loans and, through targeted long-term planning, complete projects that will improve services and the quality of their residents’ lives,” Anastasiades said.
The president stressed the need for local authorities to rationalise their finances through the integration of services on local and district levels, thus achieving economies of scale and reducing spending.
“In that regard, I would like to urge parliament for the umpteenth time, to expedite approval of the relevant bill and the regulations to modernise local administration,” he said.