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Limassol is allocated more than 70 million euros

Posted by NMORE GROUP on 03/08/2017
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Limassol is allocated more than 70 million euros for the implementation of new large-scale projects. This was announced at the meeting with the municipal authorities of the region on July 27 by the President of Cyprus Nikos Anastasiadis.

This amount does not include 22 million euros, which are due to the city within the framework of the Strategic Program for Sustainable Development.

In particular, speaking of the construction of a new stadium in Limassol, Anastassiadis noted that the Cyprus Sports Organization was chosen as the responsible agency for this project. The project budget is 28.2 million euros, and the relevant tender will be announced at the end of September.

In addition, the government will spend 4 million euros to expand the road network to serve the new stadium.

The President also considered it necessary to clarify the debt forgiveness of the municipalities, which he announced during his visit to Larnaca last week. Forgiveness of debts to municipalities was sharply criticized: it was suggested that in return for writing off the government should require the municipalities to carry out reforms. And in this form it is simply waste of state money.

Anastassiadis clarified that the total amount of write-offs is 178 million, not 185 million, as announced in Larnaca (the communities of Limassol, in particular, will forgive the debt in the amount of 48.2 million euros). This, the president said, will allow the municipalities to invest the freed funds in projects implemented for the public good. In addition, the decision to write off debts applies only to loans guaranteed by the government, which have been spent on various infrastructure projects and the responsibility for repayment of which is borne solely by the government.

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