Over €1 billion invested in Nicosia over the past decade

Over €1 billion has been spent in the past decade to improve Nicosia’s development and business drive, President Nicos Anastasiades said on Wednesday during a tour of the capital.

Between 2013 – 2022 there have been 112 projects streamlined in Nicosia including the Eleftheria square, the new museum and the creation of a new children’s A&E department in Makarios hospital.

“The projects make the municipality the ‘financial lungs’ of the country, giving it an image matching those of other European capitals,” Anastasiades said.

A number of projects in old town Nicosia “will give the underdeveloped area a whole other drive in its development and will reduce ghetto-like phenomena which are observed there.”

“These projects are a stamp that this past decade was one of revitalization, development and created a lot of prospects. It makes every citizen feel there is significant interest in improving the quality of life, whether that comes from local authorities or central government.”

According to Anastasiades, the 112 projects have come at a cost of €1.25b with funding from state coffers or co-funding from the EU. So far, 71 projects have been completed while 23 are underway – valued at €461m.

Some of the completed projects Anastasiades heralded include the Stelios Ioannou library amounting to €46m, the second phase of Eleftheria square costing a sum of €31m and the tax office Nicosia district offices with a price tag of €16.5m.

He also highlighted the new mental health centre with a €40m budget, for which he laid the foundation stone for earlier in the day, as well as a new information and training centre amounting to €900,000 and aims to strengthen employment and business activities.

The commercial triangle on Makarios-Evagorou-Stasikratous is a project worth €23m, while the budget for renewing Nicosia’s old theater amounts to €10m while another €12m is slated for a new theater building altogether.

According to Anastasiades, a transplant centre at Nicosia general hospital amount to €500,000 while the new A&E department at Makarios hospital cost €400,000. Eight housing units in Kokkinotrimithia have a €1m price tag, while revamping the Doxas Thoi football stadium amounts to €2m.

Currently, the Astromeriti-Evrihou highway comes with a €88m budget while the first phase of the Nicosia perimeter highway amounts to €72m.

Budgets for the University of Cyprus are €80m for its polytechnic school and €42m for the biology department building and teaching areas. Its medical school is €25m.