The president announces the new projects for Nicosia worth €420m

President Nicos Anastasiades announced new projects in Nicosia worth 420 million euros, including a new parliament building.

The president mentioned that the construction of this new parliament building, which is expected to cost about 71 million euros, is expected to start in June 2018. He also announced improvements to the road network, the renovation of the Nicosia courthouses and the old municipal market, sprucing up the lot that used to house the old GSP stadium, and repairs and improvements to schools.Approximately 254 million euros will be spent on projects in the district’s municipalities with Nicosia receiving the majority of this at 161.5 million euros. Public utility projects are expected to cost some €125m, including €51m on a ring road, €43m on water supply system, and €27m on the restoration of landfills.

Anastasides also reiterated the government’s decision to take over the repayment of guaranteed local authority loans worth €178m, which he said would be beneficial to the district and the Nicosia municipality, which would get rid of almost €85m in loans. Local authorities can now utilise the substantial sums they were obliged to pay on loans and, through targeted long-term planning, complete projects that will improve services and the quality of their residents’ lives. He also stressed the need for local authorities to rationalise their finances through the integration of services on local and district levels, thus achieving economies of scale and reducing spending. In that regard, Anastasiades urged the parliament for the umpteenth time, to expedite approval of the relevant bill and the regulations to modernise local administration.