Cyprus PIO: News Update in English, 02-04-25

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From: The Republic of Cyprus Press and Information Office Server at <http://www.pio.gov.cy/>

Thursday, 25 April 2002

CONTENTS

• [01] Foreign Minister fully satisfied with the 5th Euro-Mediterranean Conference
• [02] Cyprus and CEB sign a loan for Nicosia Sewerage System

[01] Foreign Minister fully satisfied with the 5th Euro-Mediterranean Conference

Moreover, Mr Kasoulides said that the months to come will be particularly crucial due to the negotiations on the Cyprus problem and because Cyprus enters the last stage of its EU accession process. Our joint efforts with the Greek government should remain coordinated and intensified in order to achieve our target, Mr Kasoulides stressed, adding that it is necessary for all to be calm, wise and careful in handling issues.

Replying to a question the Foreign Minister expressed his concern about Mr Denktash's intransigent positions resulting to the prolongation of the deadlock.

[02] Cyprus and CEB sign a loan for Nicosia Sewerage System

The loan agreement was signed by the Minister of Finance, Mr Takis Clerides, and the Director General for Loans of CEB, Mr Rainer Steckhan.

In a statement on the occasion of the signing of the loan, Mr Clerides said, inter alia,

: " The signing of this loan is of great importance, not only because it provides funds for a project that responds to the urgent environmental needs of the Greater Nicosia Area population of 110.000 people, but also because it has historical significance in that the signing ceremony takes place only a few meters from the so called green line, that reminds us that Nicosia still remains the only divided City in Europe.

Cyprus joined the Bank after its independence in 1962 but it started borrowing substantial amounts from 1974, following the Turkish invasion and its tragic aftermath. A major part of the Government investment programme with projects covering housing, health and education needs for refugees, as well as projects in sectors such as transport, water development, energy and waste water treatment, have been co-financed by the CEB.

The majority of the projects financed by the CEB are related to the needs created by the large number of displaced people. With the Loan Agreement signed today the Bank has approved more than EUR 1,8 billion of which EUR 1, 4 billion have already been disbursed.

I should point out that CEB financing carries the best possible financial terms, which are 28 basis points above Libor, that is around 3,60% in Euros or 2,25% in US dollars. The agreement we signed today is a long-term loan with a grace period for repayment which will be disbursed in several installments in accordance with the work progress.

A series of other projects are under examination with a view to submitting them to the CEB. These projects are the Construction of School Buildings, the New Famagusta Hospital and the Five Year Development Plan for the Transportation Network of the Rural Areas, the Replacement of Old Water Supply and New Systems and the Waste Water Treatment of the Villages. The project of the Nicosia General Hospital and the Sewerage Systems of Limassol-Amathus, Paralimni and Ayia Napa are being appraised by CEB for additional financing."

From the Republic of Cyprus Press and Information Office (PIO) Server at http://www.pio.gov.cy/

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