CEB approves financing of University of Cyprus project
21 June 2016
PARIS – The Council of Europe Development Bank (CEB) has approved a €32 million loan to the University of Cyprus (UCY), in order to finance the extension and renovation of university facilities in Nicosia.
UCY, the largest university in Cyprus, has grown significantly since it first opened its doors to 486 students in 1992, and its student intake is expected to reach 10 000 persons by 2020. Currently able to absorb only about one-third of the total number of applicants, UCY is undertaking significant new investments in infrastructure.
The CEB funds will contribute to a project that entails the extension of facilities of the main Athalassa campus as part of the Campus Development Master Plan, the renovation of the Academia campus, and the upgrading of the Shakoleion Educational Health Centre.
The construction and refurbishment will allow UCY to increase the number of students admitted each year, which should enable more Cypriots to receive their higher education in Cyprus. It will also improve the energy efficiency of university buildings, enhance overall efficiency by strengthening the cooperation between departments, and create new employment opportunities.
This is the second loan that the CEB grants to UCY, the first having been approved in 2001 in the amount of € 72 million.
“I am pleased that the loan to the UCY will benefit present and future students and staff,” said CEB Governor Rolf Wenzel, who added: “I am confident that the CEB funds will make a significant contribution to the development of higher education in Cyprus and to the enhancement of the country’s cultural, social and economic development in general.”Since joining the CEB in 1962, Cyprus has had 33 loan requests approved amounting to € 2 billion. The areas which have benefited most from CEB lending are the construction and rehabilitation of public infrastructure, education, the protection of the environment, and aid to refugees.
Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AA+ with Standard & Poor's, outlook stable and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.