Urban regeneration project makes cities and towns greener, boosts the economy, and improves lives in Cyprus

Cyprus wants to cut its emissions and become greener, starting with projects which transform its cities and towns. But this is a lengthy, complex, and costly task. That is why the Municipal Strategic Plan for Sustainable Development set up an initiative to finance numerous projects that will regenerate and rehabilitate municipalities across Cyprus.

“Municipalities must implement a number of green investments and introduce greener technologies,” says Michalis Socratous, the secretary general of the Union of Cyprus Municipalities. “We realised that to make them greener, we had to first upgrade and restructure urban areas, renovate buildings and public spaces, and make public transport more sustainable.”

The people of Cyprus are the biggest beneficiaries of this green transition. They will enjoy renovated public spaces and urban areas, improved cycle paths and public transport, upgraded sewage and water networks, and better public services. Improved infrastructure also makes cities more attractive as business locations and tourist destinations, boosting growth and jobs.

“We want to reduce congestion and pollution and invest in climate adaptation,” says Socratous. “This includes the construction of pedestrian, public transport networks and bike lanes, the upgrade of garbage collection and the installation of solar photovoltaic systems.”

The European Investment Bank, which is owned by the 27 EU member states, is supporting the plan with a €150 million loan, signed in December 2022. That’s just one of many investments in Cyprus by the European Union’s financing arm. Last year, we invested €257 million in Cyprus, which is equal to almost 1% of the country’s gross domestic product.

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