On Wednesday 24th July the Cypriot government signed a loan agreement with the European Investment Bank (EIB) under which the financial institution will provide €108 million for the construction of new student accommodation at the Technological University of Cyprus (TEPAC).
This was announced by government spokesman Yiannis Antoniou.
According to him, in addition to the loan, €53 million will be allocated from the state budget for the implementation of the large-scale project. The initiative aims to address the acute housing problem in Cyprus, in this case the provision of rented accommodation for students in Limassol and Paphos. Mr Antoniou noted that the loan agreement with the EIB covers not only the construction of new buildings, but also the renovation of various academic and research facilities of TEPAC.
Under the terms of the loan, the state has committed to repaying the EIB over 25 years. Work on the project will start shortly. It is expected that 703 additional beds will soon be available for TEPAC students. Of these: 500 in Limassol and 203 in Paphos. Mr Antoniou said the project would improve students' access to quality higher education and research services, as well as affordable housing. It will also create new jobs and increase productivity in the surrounding areas.
We would like to remind you that the opening of new hostels in both cities will help hundreds of students. Many of them face serious housing problems, mainly due to high rents.
In Limassol, TEPAC will build a five-building campus in the Polemidia neighbourhood, on the site of the former British settlement of Berengaria. The total area of the project will be 35,000 m2. The buildings will include student receptions, common rooms, daily study areas, a restaurant, a gym, an aerobics room, a laundry room and a multi-purpose room. Two underground car parks with a capacity of 218 cars will be built at the same time. The first underground car park will have 81 spaces and the second will have 137 spaces.
In Paphos, dormitories will be built for students of the School of Tourism, Hospitality and Entrepreneurship of TEPAC University. The dormitory will have 203 rooms, which will be owned by the municipality and will be rented out. The building will also have a reception area, an administrative office and a reading room where students can study.