Cyprus Secures €144 Million Loan for New Museum in Nicosia

The Republic of Cyprus is set to secure a €144 million loan to fund the construction of a new archaeological museum in Nicosia. The financing agreements will be signed on February 27, during an official visit by high-ranking officials from two leading European financial institutions.

According to local media, Kyriakos Kakouris, Vice President of the European Investment Bank (EIB), and Tomasz Bocek, Deputy Director of the Council of Europe Development Bank (CEB), will arrive in Cyprus to finalize the loan agreements. Both banks are expected to contribute €72 million each to support the development of the museum.

The signing ceremony will take place at the Ministry of Finance and will be attended by Finance Minister Makis Keravnos, Transport Minister Alexis Vafeades, and Deputy Minister of Culture Vassiliki Kassianidou.

Once completed, the new museum is expected to become a key cultural attraction, preserving and showcasing Cyprus's rich archaeological heritage. Government officials have emphasized its importance in bolstering the country's cultural infrastructure and attracting international visitors.