EIB loan agreements to fund green growth, innovation and R&D projects

Two loan agreements with a total value of €81 million will be signed on Thursday between the Finance Ministry and the European Investment Bank (EIB).

According to an official statement from the Finance Ministry, the first agreement concerns the second tranche of the “Thalia 2021–2027” programme, worth €50 million.

The second agreement relates to an increase in a pre-existing loan granted to the Cyprus Institute of Neurology and Genetics (CING) from €26 million to €31 million.

In its statement, the Finance Ministry said that the first agreement represents the second tranche of €50 million from a total loan of €369 million.

The funding will co-finance projects and programmes included in the “Thalia 2021–2027” programme, which are also co-funded by the European Union’s cohesion policy funds.

The programme aims to support green growth, innovation, digital transition, social cohesion and the creation of new jobs.

Regarding the second agreement, the ministry explained that this is an amendment to the existing loan for CING.

The total financing will be increased from €26 million to €31 million to fund the expansion of its facilities.

The additional €5 million, which will carry a state guarantee, will strengthen the country’s research capabilities and the research and innovation sector.

This will include the construction of a new building for research and development projects and the renovation of existing facilities.

The signing ceremony will take place at the multipurpose hall on the ground floor of the Finance Ministry on September 25, 2025, at 10:00am.

The “Thalia 2021–2027” loan agreement will be signed by Finance Minister Makis Keravnos and EIB Vice President Kyriacos Kakouris.

The CING loan agreement, meanwhile, will be signed by the Finance Minister, the EIB Vice President, and Leonidas Phylactou, chief executive and medical director of CING.

Finally, the state guarantee agreement of the Republic of Cyprus to the EIB will be signed by the Finance Minister and the EIB Vice President.