The European investment bank (EIB) has signed a new financing agreement with Cyprus, providing €72 million for the construction of the country’s new archaeological museum in Nicosia, it was reported on Thursday. The funding was announced today during a press conference at the finance ministry.

The innovative facility is expected to become a major cultural landmark in the capital, contributing to the city’s urban regeneration. The museum will house a vast collection from Cyprus’ department of antiquities, showcasing the island’s rich archaeological heritage, spanning from the neolithic period to the Christian era.

Construction is scheduled to be completed by 2029, with the museum set to be located in the heart of Nicosia. It will feature spacious exhibition halls equipped with cutting-edge technology to enhance the visitor experience. Specialised areas for research, education, and cultural exchange will also be included, strengthening Cyprus’ role in the global archaeological and cultural dialogue.

“The new museum will provide a world-class space for our country’s extensive collection of antiquities. It will also serve as a hub for scientific and cultural collaboration,” said EIB vice president Kyriakos Kakouris.

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Finance Minister Makis Keravnos described the project as an ambitious initiative aimed at addressing the limitations of the current museum.

“This will be the largest cultural project ever undertaken in Cyprus. It is of great importance to both the government and the people of the island. The museum will revitalise and showcase our rich and diverse history, creating a vibrant cultural and social hub in the city centre,” he said.

The project includes a modern 30,000-square-metre museum alongside a newly designed 20,000-square-metre public square, transforming the area into a dynamic cultural centre.

Transport Minister Alexis Vafeades noted that the museum had long been a vision of the state, designed to properly house and honour the country’s archaeological treasures.

“This will be a place where history comes to life, attracting people of all ages and nationalities. It will share our island’s rich past with the world,” he said.