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Cyprus secures €40m loan for two water projects

The Council of Europe Development Bank on Friday approved a loan of €40m to Cyprus.

The loan aims to finance two water supply projects to meet the needs of Nicosia and the government-controlled areas of Famagusta.

It concerns infrastructure projects at the Vassiliko area and the Kokkinokremmos area, respectively.

According the ministry of finance, the total cost of the two projects amounts to €80m. Cyprus has already secured a loan from the European Investment Bank for the remaining €40m.

The ministry said there would be multiple social, economic and environmental benefits from the construction of the two water projects, which are expected to meet the water supply needs of 400,000 consumers, about 42 per cent of the population.

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