The Council of Ministers has approved the signing of a loan agreement worth €108m from the European Investment Bank (EIB) to finance the construction of student residences in Limassol and Paphos.
The residences are meant for the students of the Cyprus University of Technology, based in Limassol, with departments operating in Paphos as well.
President Nikos Christodoulides refered to the matter in his remarks at the opening of the session of the Council of Ministers on Wednesday morning, noting that it marks an “important intervention in relation to our housing policy.”
In statements after the Cabinet meeting, Deputy Government Spokesperson Yiannis Antoniou said the proposal for the loan agreement was submitted by the Finance Ministry and provides for the financing of a total of 703 students residences of the Cyprus University of Technology (CUT) to be constructed in Limassol and Pafos as well the construction or renovation of some of CUT’s academic and research facilities.
Antoniou said the state will also contribute an additional €53 million with the overall project totaling €178 million.
“In the context of the policy to tackle the acute housing problem, particularly among the youth, the government considers the implementation of the said project as very important,” Antoniou added.
The loan terms provide for a 5-year grace period and a repayment period of 25 years, he said.
(Source: CNA)
