Water and housing are the key challenges faced by Cyprus, head of the European Investment Bank (EIB) Nadia Calviño said on Tuesday, emphasising the significant impact of European investments on the island.

She said attending a joint board meeting of the EIB and European Investment Fund in Limassol had “allowed us also to see the impact of the investments we finance on the ground.”

With other delegates she had earlier visited student residences at Cyprus University of Technology and the Limassol wastewater treatment plant.

Calviño also announced the launch of the second phase of Cyprus’s climate roadmap. “We will be focusing on projects that contribute to the competitiveness and security of Europe.

“We are going to be doubling investment into adaptation and prevention on the impact of climate change, a challenge that is very clear also here in Cyprus and we will be radically simplifying our processes to reduce cost and red tape for companies, particularly small and medium-sized companies.”

Speaking before the same meeting, President Nikos Christodoulides said the EIB “has invested more than €5.7 billion in our country, making Cyprus the largest per capita beneficiary of EIB support among EU member states.”

He highlighted the EIB’s broader role in providing flexible financing, expert advice, and project development support, which has helped stimulate investment across key sectors.

Christodoulides also stressed the importance of continued cooperation on national priorities such as defence, security, research, and innovation, which will be central to upcoming bilateral talks.

“Together, we can translate strategic priorities into tangible outcomes, demonstrating the power of cooperation and the shared commitment that underpins the European project.”