The European Investment Bank has approved an application to finance the construction of a new student hostel in Limassol.
This was announced by Cypriot Finance Minister Makis Keravnos on Wednesday 26 June.
The financial institution is expected to provide €56.3 million for the major project. In addition, the Cyprus Development Bank will provide part of the required amount. This means that there are no longer any obstacles to the construction of the campus.
The project has been designed by Iraclis Papachristou Architects. According to the plan, the new dormitories will be built in the former village of Verengaria in the neighbourhood of Kato Polemidia. They will accommodate 485 students. In addition to living quarters, the buildings will have several laboratories and halls. A number of other common facilities are planned around the buildings to create a comfortable atmosphere for the students. Construction is due to start at the end of this year and the first hostels will be ready for use in early 2026.
Berengaria is a 26-hectare village founded in 1954 by the British colonial administration for the families of officers from the British military bases at Akrotiri and Episkopi. The settlement existed until 1998, when all the residential infrastructure was moved to Episkopi and the land was transferred to the Republic of Cyprus. The state decided to transfer the land to TEPAC University and the Polemidia Municipality. The planning permission allows the university administration to take further action.
It should be noted that the permission granted by the Town Planning Department includes the creation of a road network with dedicated bus lanes and bicycle lanes. The transport network will link the campus to the city centre. TEPAC's plans to develop the area are expected to lead to a major economic and commercial boom in Polemidia. Businesses are already being set up, and the infrastructure will play an important role both in the lives of the students and in the modernisation of the urban environment.