Cyprus: EIB President Hoyer jointly lays Foundation Stone for new Engineering Faculty at the University of Cyprus

The President of the Republic of Cyprus Nicos Anastasiades and European Investment Bank (EIB) President Werner Hoyer, currently visiting Cyprus, today together took part in a Foundation-Stone Laying Ceremony for the construction of a new Faculty of Engineering at the University of Cyprus in Nicosia, reiterating the EU bank’s commitment to the knowledge economy.

“For the EU bank, investing in the knowledge economy remains a priority, as it is an investment in future generations. It is therefore a great pleasure and honour to join the President of the Republic of Cyprus today to lay the foundation stone for the new Engineering Faculty at the University of Cyprus. The project, as well as creating hundreds of new jobs during the construction phase, will enable more young Cypriots to remain in Cyprus and attract other Europeans for their higher education, bringing real and widespread benefits to the island’s society and economy,” said EIB President Werner Hoyer, who was accompanied on his visit to Cyprus by EIB Vice President Jonathan Taylor.

The EIB is financing the second phase development of the University of Cyprus Campus, including state of the art engineering and medical schools, as well as the extension and modernisation of other UCY facilities to enhance energy efficiency and anti-seismic protection. The EIB has approved financing support to the University’s new development phase with EUR 162 million in total. The first tranche of EUR 80 million was signed in December 2013.

Manthos Mavrommatis, Chairman of the Council of the University of Cyprus, and Professor Constantinos Christofides, Rector of the University of Cyprus, were also present at today’s Foundation-Stone Laying Ceremony.

“The EIB will continue to support key investments in Cyprus that will promote growth, support the knowledge economy and help create quality new jobs. I would also like to pay tribute to Cyprus’ commitment to implement the economic adjustment programme and to welcome the fact that the European Union’s three-year aid programme ended last month. I am confident that better times are around the corner and the EIB will continue to be here to support the many promising projects that are in the pipeline,” said EIB Vice President Jonathan Taylor.

Earlier in the day, President Hoyer and Vice President Taylor held separate meetings with Cyprus President Anastasiades and Cyprus Minister of Finance Harris Georgiades and discussed the latest developments and the EIB’s future plans in the country.

In the last five years, the EIB has invested some EUR 1.3 billion in new, priority investments in Cyprus, including public sector projects in areas such as transport, energy, education, waste treatment and water supply. The EIB has also provided considerable support to the private sector through its cooperation with 10 local banks to provide long-term and affordable liquidity to SMEs and MidCaps, which are the backbone of the Cyprus economy, representing over 95% of local companies and 80% of employment. In 2015, the EIB maintained its high level of activity, providing a total of EUR 215 million to the Cypriot economy, representing 1.5% of annual GDP, the highest percentage of all EIB shareholders.