NICOSIA – Cyprus in 2023 got 257 million euros ($278.9 million) in loans from the European Investment Bank (EIB) – of which 130 million euros ($141.08 million) was for smart and green energy projects through the THALIA program.

That scheme also includes digitalization, water management, energy efficiency, environmental protection, and vocational training, with Cyprus getting 3 percent more from the EIB over 2022, reported Solar Quarter.

https://solarquarter.com/2024/03/26/boost-in-green-investments-cyprus-secures-e257-million-from-eib-group-in-2023/

Another 100 million euros ($108.52 million) was for wastewater infrastructure projects in Nicosia, Limassol, and Larnaca, aimed at ensuring compliance with EU water legislation, the report added.

Kyriacos Kakouris, EIB Vice President for Cyprus, said the loans would play a key role in smart, digital, and sustainable investments while adding jobs and helping the country make a transition to climate-friendly projects.

Cypriot Finance Minister Makis Keravnos emphasized the alignment of these investments with crucial policy priorities, such as sustainable energy, innovation, and sustainable urban development.

Besides the water and energy sectors, the THALIA program, with a budget of 1.8 billion euros ($1.95 billion) for 2021-2027, is important for Cyprus’ economic resilience and competitiveness and dealing with climate change.

The European Investment Fund also is putting in 27 million euros ($29.3 million,) primarily through the Cyprus Equity Fund, the country’s first publicly supported venture capital fund.

The EIB’s advisory services expanded in Cyprus, offering technical assistance to both public and private sectors across various domains, including infrastructure, transport, climate action, and digital innovation. Notable assignments included support for the Vasilikos Energy Centre and the operational plan for the New Cyprus Museum.