UCy un­veils € 250 mln cam­pus plans to Troika

Financial Mirror (Cyprus) - - FRONT PAGE -

The Univer­sity of Cyprus plan to go ahead with a mega ex­pan­sion plan ex­pected to cost about a quar­ter of a bil­lion eu­ros, some 150 mln of which will come from the Euro­pean In­vest­ment Bank.

Univer­sity Rec­tor Con­stanti­nos Christofides an­a­lysed the plans to a team of the Troika of in­ter­na­tional lenders, say­ing the project will need seven to ten years to com­plete.

Christofides said there was a so­lu­tion un­der con­sid­er­a­tion to in­clude the amount from the Euro­pean In­vest­ment Bank in the pub­lic debt, to be re­paid within 25 years from the univer­sity’s rev­enues, with a re­ply from the EIB by mid- Novem­ber.

He said that the plan will al­low the univer­sity to host 10,000 stu­dents, 2,000 re­searchers, 500 aca­demics and other staff.

Christofides said the plan in­cludes a so­lar park which would save the univer­sity around 4 mln eu­ros a year, and an­other 1.5 mln from sav­ing on rents.

Mean­while, Fi­nance Min­is­ter Har­ris Ge­or­giades had a three-hour meet­ing with the heads of the Troika who have re­turned for the fifth as­sess­ment of the im­ple­men­ta­tion of the Cyprus ad­just­ment pro­gramme.

Dur­ing the meet­ing they dis­cussed is­sues re­lated to the bank­ing sec­tor with Cen­tral Bank Gover­nor Christalla Ge­orghadji also sit­ting in.

Troika of­fi­cials also had a meet­ing with Labour Min­is­ter Zeta Emil­ian­idou and dis­cussed the im­ple­men­ta­tion progress for the Guar­an­teed Min­i­mum In­come (GMI), a list of so­cial ben­e­fits and the ra­tio­nal­i­sa­tion other al­lowances.

The of­fi­cials also had meet­ings with trade union rep­re­sen­ta­tives from SEK and DEOK, Demo­cratic Rally (DISY) leader Averof Neo­phy­tou, the Cyprus Tourist Or­gan­i­sa­tion and hote­liers to dis­cuss progress in the tourism sec­tor.

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