The
European Investment Bank (EIB) has agreed the first infrastructure project in
Cyprus under the European Fund for Strategic Investments (EFSI), the heart of
the Investment Plan for Europe, the European Commission said in a press release
on February 2.
The EIB
will provide €35 million to the Cyprus Organisation for Storage and Management
of Oil Stocks (COSMOS) to build a 210,000 tonne privately-owned storage
facility.
The Juncker
Plan-backed project will focus on enhancing energy efficiency and it will
improve Cyprus’s energy security by increasing the amount of reserve oil stocks
held in the country.
“The EU’s
Energy Union strategy aims to make energy more secure and affordable,” Commission
Vice-President for Jobs, Growth, Investment and Competitiveness Jyrki Katainen
said. “This first EFSI project in Cyprus with COSMOS will help us meet those
goals. I encourage more project promoters in Cyprus to contact the EIB with
their investment proposals in order to continue boosting growth and creating
jobs,” he added.
https://www.neweurope.eu/article/eib-finance-reserve-oil-stocks-cyprus/