Rolf Wenzel, governor of the Council of Europe Development Bank (CEB), signed a EUR 32 million loan agreement for the financing of extension and renovation work at the facilities of the University of Cyprus (UCy) in Nicosia.
Student intake at the largest academic institution in the island country is expected to increase significantly, the statement said. The loan secured by CEB will contribute to a project that entails the extension of facilities of the main Athalassa campus, the renovation of the Academia campus, and the upgrading of the Shakoleion Educational Health Centre. Works will be completed in 2023.
Harris Georgiades, minister of finance, signed the contract with Wenzel. CEB has approved a loan of EUR 72 million to the institution in 2001. The current project will improve energy efficiency and create new jobs, but it will also enable the university to admit more students, the governor said.
The works may also enhance collaboration with other institutions and promote the development of research centres, CEB stated. Since joining the Bank in 1962, Cyprus has had 34 loan requests approved amounting to EUR 2 billion, mostly financing construction and rehabilitation of public infrastructure, education, protection of the environment, and aid to refugees.