The 27th of February will be an important day for the cultural development of Cyprus, with the signing of important agreements for the financing of the new Archaeological Museum in Nicosia.
The total investment will amount to €144 million and will be provided by two major European financial institutions.
Specifically, the European Investment Bank (EIB) and the Council of Europe Development Bank (CEB) will each provide €72 million to support the construction of the museum. The documents are expected to be signed by EIB Vice-President Kyriakos Kakouris and CEB Deputy Governor Tomasz Bocek. The signing ceremony will take place at the Ministry of Finance of Cyprus, in the presence of Minister of Finance Makis Keravnos, Minister of Transport Alexis Vafiadis and Deputy Minister of Culture Vasiliki Kassianidou.
The new Archaeological Museum will be an important cultural landmark and will play a key role in preserving the country's archaeological heritage. It will not only present unique artefacts from the past, but will also become a magnet for tourists and researchers, strengthening the island's cultural infrastructure.
The project is also part of Cyprus' long-term strategy to invest in heritage conservation. The museum is expected to become an important educational and tourist centre, providing future generations with access to the country's rich cultural past. During his visit to the island, Kyriakos Kakouris will present the financial results of the EIB's activities in 2024, as well as the Bank's role in the development of economic and cultural projects across Europe.
The new Archaeological Museum will be built on the site of the old Nicosia General Hospital, at the junction of Jawaharlal Nehru Avenue and Heylonos Avenue, next to the Pedios River, close to the existing Archaeological Museum and the House of Representatives.
According to the project, designed by Theoni Xanthi XZA Architects, the development will cover an area of 40,000 m2. Along the banks of the river, three snow-white museum buildings will stand on transparent glass cubes. Each of the buildings will house permanent and temporary exhibitions divided into three concepts: 'Culture', 'Environment' and 'Sea'. The buildings will be surrounded by beautiful gardens with trees, shrubs and water features, with an atrium in the centre where open-air lectures can be held.
On the banks of the Pedios River there will be a recreational and educational area with restaurants and cafés, temporary exhibition buildings, a library and rooms for master classes. The museum will also have an underground car park.
The project has been entrusted to ACOVOU-CYFIELD JOINT VENTURE, which won the tender for the construction works in November 2022. The developer has also been granted the right to maintain the building for 10 years from the date of commissioning.
