CYPRUS NATIONAL MUSEUM

Promoter – Financial Intermediary

REPUBLIC OF CYPRUS

Location

• Cyprus

Description

The project will finance new National Cyprus Museum, an important cultural landmark, which forms part of the urban regeneration of Nicosia.

Additionality and Impact

The Project supports the construction of the new Cyprus Museum (NCM) of Archaeology and surrounding open spaces in Nicosia, which will constitute a state-of-the-art cultural facility expected to significantly impact the location in the centre of the capital city, and complement the restructuring of the urban fabric. The Project has the potential to promote research on cultural, creative industries, and innovation partnerships, enhancing Cyprus's competitiveness and economic growth.

Additionally, the Project contributes to UN Sustainable Development Goals for sustainable cities, affordable energy, and climate action and is consistent with the EU2020 strategy for smart, sustainable and inclusive growth.

Investment is expected to need relatively high up-front investment cost. This necessitates access to long-term funding which is not easily available in the financial market. In the absence of such long-term financing, investment decision would be further delayed. 

Moreover, EIB financing renders substantial financial benefit as it is provided at customised terms, such as flexibility of drawdowns, sculpted repayments, longer availability and grace periods, fixed interest rates for the whole duration of the loan, interest revision of conversion. It also serves to crowd in financing from other investors and also contributes to the diversification of the Borrower's funding sources and optimisation of its debt structure. 

Objectives

The aim is to support the implementation of a new modern museum, suitably designed and equipped with latest technologies, to promote the educational presentation. In addition, the new museum will comply with the requirements of the modern science of conservation and enable the study of archaeological wealth.

Sector(s)

• Urban development - Construction

Proposed EIB finance (Approximate amount)

EUR 72 million

Total cost (Approximate amount)

EUR 147 million

Environmental aspects

Compliance with the relevant EU Directives will be verified during appraisal stage. Environmental Impact Assessment (EIA) Directive 2014/52/EU amending the EIA Directive 2011/92/EU, SEA Directive 2001/42/EC, EU Habitats Directive 92/43/EEC and EU Birds Directive 2009/147/EC. The status of any environmental studies and public consultations related to the investments will be reviewed during project appraisal. Energy efficiency requirements in line with the EU Directive on the Energy Performance of Buildings 2010/31/EU will also be further assessed.

Procurement

The promoter has to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation: Directive 2014/23/EU / 2014/24/EU or 2004/18/EC /2014/25/EU or 2004/17/EC, where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.

Status

Signed - 26/02/2025