Vice president of the European Investment Bank (EIB) Kyriacos Kakouris on Friday signed over the first €100 million tranche of Cyprus’ new €200 million loan from the bank, which will partially fund roadworks.

The loan agreement was signed at the finance ministry by Kakouris and the ministers of finance and transport Makis Keravnos and Alexis Vafeades respectively.

Keravnos said the agreement was not just a financial exchange, but represented a common vision for the future of Cyprus, encompassing development, viability and connectivity.

He said the projects being funded, costing around €400 million, would be implemented during the 2024-2029 period.

Some, he said, had already started and others were to be co-funded by the EU.

Vafeades said the new loan agreement offered the necessary flexibility in choosing projects to be funded.

A total of 19 projects have been proposed for funding under the new loan, he added.

Kakouris said the first tranche represented the joint commitment to create better, safer and more sustainable infrastructure, which would significantly improve the daily lives of Cypriots.

Earlier, the EIB described the agreement as an “important milestone” in its support towards Cyprus, with emphasis on sustainable infrastructure and the promotion of growth.

Since 1981 it has invested a total of €5.6 million in Cyprus, with recent initiatives focusing on water management, urban mobility, affordable housing, digital transition and climate action.