Filenews 24 July 2024
Conclusion of loan agreement for ECU 108 million The Council of Ministers decided to finance the construction of student dormitories for the CUT in Limassol and Paphos with the European Investment Bank.
Specifically, after the meeting, Deputy Government Spokesman Yiannis Antoniou told reporters that "the Council of Ministers approved today a proposal by the Ministry of Finance for the conclusion of a loan agreement of up to €108 million with the European Investment Bank, to finance the construction of student dormitories and the renovation of various academic and research facilities of CUT in Limassol and Paphos.
Another €53 million will be paid by the state for these projects.
In the context of its policy to address the serious housing problem, especially for young people, the Government considers the implementation of the above projects very important. The ever-increasing demand of Cypriot universities from Cypriots, but also from international students, makes it even more imperative to build student dormitories as early as possible. A total of 703 student beds will be built, of which 500 will be in Limassol and the rest in Paphos. These will improve students' access to high-quality higher education and research services and affordable housing.
In addition to contributing to the promotion of affordable student housing and enhancing education and research, this project also offers the potential to create new jobs and increases productivity in these areas.
The planned projects of CUT, with a total estimated cost of €178 million, will be implemented by two Agencies. CUT will be the project promoter in Limassol and the Paphos Municipality will be the project promoter in Paphos.
