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    Improved University of Cyprus research and learning facilities

    The loan finances the extension and modernization of the University of Cyprus, including construction at the main campus, renovations and upgrades on other campuses, and the improvement of energy efficiency and anti-earthquake features.

    First signature
    EUR 162,000,000
    See more


    € 162,000,000
    Cyprus : € 162,000,000
    Education : € 162,000,000
    Signature date(s)
    12/12/2014 : € 80,000,000
    18/12/2017 : € 82,000,000
    Link to source

    Summary sheet

    Release date
    1 August 2014
    Signed | 12/12/2014
    Project name
    Promoter - financial intermediary
    University of Cyprus
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 162 million
    EUR 216 million

    Second phase Investment Programme for the extension and development of the University of Cyprus campus.

    The next phase of building development and refurbishment will be implemented over the coming years to ensure that the buildings are of high quality and enhance the research, teaching and social learning space in the University. The objectives are: • Support research and innovation, • Deliver a high quality student experience, • Invest to provide consistently high-quality infrastructure and equipment.

    Environmental aspects

    Universities and research institutions are not specifically mentioned in the annexes I and II of the EIA Directive 2011/92/EU and therefore do not require a mandatory Environmental Impact Assessment. However, parts of the investment cover the construction of new facilities and therefore may be covered by Annex II of the Directive in relation to urban development. The Bank's services will verify during appraisal whether an EIA is required for any component of the project.

    The Bank will require the Promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Dir. 2004/18/EEC/ or 2004/17/EEC and Dir. 2007/66/EC), with publication of tender notices in the EU Official Journal, as and where appropriate.

    Link to source


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).


    Environmental and Social Data Sheet (ESDS) - UNIVERSITY OF CYPRUS II
    Publication Date
    8 Jan 2015
    Document language
    Main Topic
    Document Number
    Document Focus
    Environmental Information
    Project Number
    Publicly available
    Download now
    Non-Technical Summary (NTS) - PV Plant - UNIVERSITY OF CYPRUS II
    Publication Date
    7 Nov 2014
    Document language
    Main Topic
    Document Number
    Document Focus
    Environmental Information
    Project Number
    Publicly available
    Download now

    News & Stories

    Inside the project

    How and Why

    More innovation, more jobs


    • Knowledge economy in education
    • Cohesion, bringing Cyprus into line with other EU economies
    • Climate action with energy efficiency
    • Exceptional contribution to EC policy objectives to prevent migration after the financial crisis


    • Existing facilities too small for growth in student numbers. University of Cyprus can only accept a third of applicants. The project will provide space for these students and allow them to remain in Cyprus, expanding the country’s knowledge economy
    • The increase in research facilities boosts Cyprus as a research venue
    • Better education leads to more innovation and lower unemployment
    • Energy efficient construction will allow the university to operate entirely on solar power


    Cutting-edge medical, engineering facilities

    The number of students studying at the University of Cyprus has grown from 486 to over 10,000 in the last 15 years, faster than predicted and now with good facilities for all of them.

    • A new library, the Hall of Knowledge, that will also be open to the public
    • A cutting-edge faculty of engineering with research facilities in transport, energy and water management
    • An energy efficiency project that will enable the university to be the first of its kind completely reliant on solar energy
    • A purpose-built medical school fitted.


    The work happening at the university is one of the most significant and biggest projects in the last five years. We’re very grateful and are looking to the future with hope.
    Savia Orphanidou

    Economic Officer, Cyprus Ministry of Finance


    of costs covered by EIB funding

    Financing eight major building projects

    Play video




    Opportunity at home for Cypriot students


    EIB Investment in Cyprus

    Across a range of projects, from new hospitals to power stations

    The aftermath of the international financial crisis left Cyprus’s economy on its knees. Younger Cypriots saw little future for themselves in the country.

    Andreas Antonopoulos, an economics undergraduate student remembers that period well. “We couldn’t see why we would stay in our country to study,” he says. “We doubted whether we would we earn enough, and if there would be work at the end of our studies.”

    “But then things began to change. I’m forever grateful that such opportunities are now available closer to home.”

    Andreas was able to study in Cyprus thanks to the expansion of the University, with EIB backing. Across Cyprus, the EU bank invested a total of €1.75 billion in a range of projects, from new hospitals to power stations.

    Hear what students, professors and researchers think about the impact of our financing on their university in our Future Europe podcast

    This loan has allowed the University of Cyprus to dream and to have a vision for its future growth. It has changed the crisis situation into an opportunity situation. I believe that the university is a place where betterment can begin, this is the place to give hope to the society.
    Christina Marina Zachariadou Sierepekli

    University planning office

    A massive project for a small island

    I feel very proud and excited... It’s a unique project in Cyprus — maybe even in Europe
    Constantinos Kythreotis


    Constantinos Kythreotis used to supervise road maintenance and small construction projects in Paphos. For a civil engineer, it was not a challenging task, but the financial crisis meant that there simply were no big construction projects for him to work on. Constantinos was glad to have the job, because the crisis left so many professionals unemployed or forced to work overseas.

    Then, in 2017, Constantinos joined the University project. He oversees the teams of architects, engineers and quantity surveyors building the €55 million Faculty of Engineering at the University of Cyprus. He loves the challenge.

    “I feel very proud and excited,” the 40-year-old Nicosia native says. “It’s a unique project in Cyprus—maybe even in Europe. It is the largest building ever constructed in Cyprus for teaching and research.”

    The University of Cyprus is expanding its facilities, in particular its capacity to host lucrative research activities.

    “After the crisis, it was especially difficult for the engineering and construction sector,” says Constantinos. “This project at the University created a lot of work for people. For many of them, it helped them stay in their country with their families.”


    Investment in education

    Now we are attracting people from everywhere around Europe, from US, China, Brazil...
    Demetrios Eliades


    Solutions at all levels of education cost money, not just in higher education. But investment in education is severely lacking.

    The Bertelsmann Foundation in Germany has estimated that equipping EU schools with basic digital technology, networks and devices would cost €584 a year per primary school student and €825 per secondary school student. The European Union has 24.5 million primary school students and 36 million secondary school students, which means that digital equipment would cost a whopping €44 billion. And the equipment would have to replaced every five years. Maintenance and support for that technology is expected to cost an additional €261 per primary school student and €402 per secondary school student.

    Many national education budgets, however, are strained. The backlog of infrastructure investments needed for German schools, for example, rose from €42.8 billion in 2018 to €44.2 billion in 2020. Before the COVID-19 pandemic, $148 billion a year in fresh investment was needed to achieve universal pre-primary, primary and secondary education by 2030 for low- and lower-middle-income countries.

    The European Investment Bank can help shore up investment. The Bank lent €47 billion to educational projects between the turn of the century and 2021. Lately, we have been focusing on digital projects, like school connectivity in Serbia or computers for remote learning for university students in Morocco.

    General enquiries and comments

    The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
    Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
    Alternatively, the EIB can be contacted through its external offices.
    Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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    Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

    Complaints mechanism

    Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

    Zero tolerance against fraud and corruption

    The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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