The Cypriot Ministry of Finance, the European Investment Bank (EIB) and the Technical University of Cyprus (TEPAK) have concluded an agreement under which the latter will receive two loans totalling €125 million for the construction of new dormitories and the renovation of old buildings in Limassol and Paphos.
The first loan of €108m will be used to cover the costs associated with the expansion of the university's housing stock in Limassol. By the way, the university currently has 300 dormitory beds in that city. Buildings for another 500 places are in the initial stages of construction.
At the same time, about 900 applicants enter TEPAC every year. The second loan of 17 million euros will be used to build 16,000 m2 of dormitories and sports facilities in Paphos. This will enable the cultural capital of Cyprus to become a high-level educational centre and TEPAC to offer affordable accommodation to students.
Cyprus Finance Minister Makis Keravnos said that after the implementation of these projects, a total of 703 dormitory rooms will be available to the students of the Technical University.
The Minister said that Cyprus' relationship with the EIB, which has been financing major projects of strategic importance for many years, has contributed to the growth of the local economy.
EIB deputy chairman Kyriacos Kakouris described the signing of the agreements as an important milestone aimed at improving the student infrastructure on the island. He added that part of the money was provided by InvestEU and that this was a first of its kind for Cyprus.
TEPAC rector Panayiotis Zafiris said that this is a turning point in the 20-year history of the university, which has allowed it to realise the most extensive campus expansion ever. Zafiris emphasised that the loan will allow the university to build a campus in the Kato Polemidia area, as well as to finance the construction of three buildings to serve the needs of the Faculties of Arts, Multimedia and Graphic Design.