703 New Student Beds to be Built in Limassol and Paphos

The Cabinet of Ministers of the Republic of Cyprus has approved additional funding for the construction of student housing. As part of a €108 million loan agreement with the European Investment Bank (EIB), 703 new beds will be added at the Cyprus University of Technology (Tepak) in Limassol and Paphos.

This decision, which is part of the government's policy to address the severe housing shortage for young people, was announced by Deputy Government Spokesperson Yiannis Antoniou.

The Cabinet approved a proposal from the Ministry of Finance for a loan agreement with the EIB of up to €108 million. The agreement covers not only the construction of student dormitories but also the construction and renovation of various academic and research facilities at Tepak.

The proposed loan includes a five-year grace period and a 25-year repayment term. Additionally, the state will allocate another €53 million to these projects. The total cost of the planned Tepak projects is estimated at €178.1 million. Furthermore, Tepak projects in Limassol are included in the Ministry of Education's budget for 2024.

A total of 703 student beds will be constructed, with 500 in Limassol and the remaining in Paphos. The project is expected to enhance student access to high-quality higher education and research services, as well as affordable housing.