Cyprus is set to receive a €144 million boost for the construction of a new archaeological museum in Nicosia heard on Tuesday. The funding agreements will be signed on February 27, during an official visit by senior representatives of two major European financial institutions.

Kyriakos Kakouris, Vice-President of the European investment Bank (Eib), and Tomas Bocek, deputy governor of the council of Europe development bank (Ceb), will visit Cyprus to finalise the loan agreements. Each bank will provide €72 million to support the museum’s development.

The signing ceremony will take place at the ministry of finance, attended by Finance Minister Makis Keravnos, Minister of Transport Alexis Vafeades, and deputy minister of culture Vasiliki Kassianidou.

The new museum is expected to become a cultural landmark, preserving and showcasing Cyprus’ rich archaeological heritage. Government officials have highlighted its significance in strengthening the country’s cultural infrastructure and attracting international visitors.

During his visit, Kakouris will also present the Eib group’s financial results for 2024, shedding light on the bank’s role in supporting economic development projects across Europe.

The new museum’s construction aligns with Cyprus’ broader strategy to invest in cultural and historical preservation, ensuring that future generations can engage with the island’s rich past.