Cyprus loaned l220m by EIB

Date: 17/10/02

THE European Investment Bank has granted Cyprus loans worth €220 million to boost energy, education and air transport on the Greek-speaking half of the island.

Philippe Maystadt - president of the Luxembourg-based bank - said €100 million will boost the electricity grid as part of a long-term project launched in 1994 to upgrade the country's ageing electricity supply.

He said a new university campus for 4,500 students will be built in Nicosia with €65 million of EIB cash.

The rest of the loan package will help improve the safety, efficiency and capacity of air traffic services in the country.

This will allow Cypriot air traffic control to link with the European and regional systems - increasing its handling capacity from 200,000 movements a year to 370,000 in 2013.

The European Investment Bank has granted Cyprus loans worth €220 million to boost energy, education and air transport on the Greek-speaking half of the island.