European Investment Bank\u2019s (EIB) Board of Directors has approved the amount of \u20ac150 million to fund the construction of a project which will allow the import of liquefied natural gas (LNG) in Cyprus, Natural Gas Public Company (DEFA) announced on Thursday. <\/p>\n
In a press release DEFA says that the project will be implemented by Natural Gas Infrastructure Company of Cyprus (ETYFA).<\/p>\n
In particular, the loan is of a duration of 20 years with a favourably low rate and will cover capital construction expenditure, the press release adds.<\/p>\n
\u201cThe EIB decision was taken following an evaluation of the project\u2019s sustainability and the growth prospects its successful implementation creates for the Republic of Cyprus,\u201d is notes.<\/p>\n
The project\u2019s total budget is \u20ac289 million. ETYFA has secured \u20ac101 million from the European Commission through the Connecting Europe Facility (CEF) and \u20ac43 million from the Electricity Board of Cyprus\u2019 participation to ETYFA\u2019s share capital.<\/p>\n
The decision means that work may commence in the Vassiliko area as the amount approved covers a large part of the needs in order to complete the construction of state infrastructure.<\/p>\n
The decision, the press release says, \u201cemphatically reflects the European community institutions\u2019 trust both towards DEFA and Cyprus\u2019 energy authorities.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
European Investment Bank\u2019s (EIB) Board of Directors has approved the amount of \u20ac150 million to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-854","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\n