Cyprus gets €72 million EIB loan for new national archaeological museum as EU bank publishes 2024 financing results in country

• EIB provides €72 million loan to Cypriot government to build state-of-the-art archaeological museum in capital Nicosia
• Credit for landmark Cypriot cultural project follows 2024 EIB Group financing in Cyprus totalling €225 million mainly for university-campus and road-network upgrades.
• Latest annual results bring EIB Group support in Cyprus to €1.3 billion over past five years.

The European Investment Bank (EIB) is providing the Cypriot government with a €72 million loan for a new national archaeological museum in the capital Nicosia. The EIB credit will be used to build the planned state-of-the-art Cyprus Archaeological Museum, which will serve as a cultural landmark while contributing to urban regeneration.

The EIB Group, which also includes the European Investment Fund (EIF), today also announced that new financing in Cyprus in 2024 totalled €225 million. Top projects last year included EIB loans of €125 million for the Cyprus University of Technology (CUT) to build affordable student housing and upgrade campus facilities in Paphos and Limassol and €100 million for the Cypriot government to improve and expand road networks.

“Our work in Cyprus is a testament to the transformative power of the EIB’s strategic financing,” said EIB Vice-President Kyriakos Kakouris. “In 2024, we reaffirmed our commitment to the country by supporting major projects in sustainable and affordable student housing as well as critical transport- infrastructure improvements, reinforcing social cohesion in the process.”

Cultural landmark

The planned Cyprus Archaeological Museum, whose construction is due to be completed in 2029 .will be located in the centre of Nicosia  and transform the area into a vibrant cultural hub. The museum will feature spacious exhibition halls equipped with cutting-edge technologies to enhance the presentation of Cyprus’s rich archaeological heritage, which dates to the Neolithic  period  and  extends to the Christian era.

“The new museum will offer dedicated spaces for research, education and engagement with the scientific and cultural community, further strengthening Cyprus’s role in the global archaeological and cultural dialogue,” said EIB Vice-President Kyriacos Kakouris.

It will house an extensive collection from Department of Antiquities of the Cypriot Culture Ministry’s

“The Cyprus Archaeological Museum will stand as the country’s most significant cultural initiative,” said Cypriot Minister of Finance Makis Keravnos. “This is a crucial project for the Cypriot government and the people as it will revitalise and showcase – in the most fitting way – our country’s rich and diverse history. It will also create a dynamic cultural, recreational, and social hub in the heart of the city.”

The new project includes a state-of-the-art 30,000 sqm museum and a 20,000 sqm landscaped public square, transforming the Nicosia area into a vibrant cultural hub.

“For many years, it has been the state’s vision to establish a museum capable of housing, with the dignity they deserve, the memories of our archaeological past,” said Cypriot Minister of Transport, Communications and Works Alexis Vafeades. “This museum will become a place of attraction for people of all ages and nationalities, fostering inclusivity and sharing Cyprus’s rich archaeological history with the world.”

2024 results

The latest annual results from the EIB Group bring its total financing in Cyprus over the past five years to €1.3 billion. The annual average in the country since 2000 is €256 million.

The EIB’s support for CUT last year included two financing agreements with the university totalling €108 million and one accord with the Municipality of Paphos amounting to €17 million. The project features the construction and renovation of academic and administrative spaces, along with the addition of 703 student accommodation units.

In Limassol, the planned upgrades include the creation of a solar energy park to power the campus, making it energy self-sufficient.

Part of the financing is supported by the InvestEU programme, marking its first initiative in Cyprus.

The EIB’s support for Cypriot road development in 2024 was part of a €200 million package for such infrastructure in the country, with a second €100 million tranche expected to be signed in 2025. The projects, which involve road upgrades in various Cypriot regions, are expected to be completed by 2029.

Background information  

EIB 

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB's financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

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