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ECONOMY

EIB to Provide €35M for Reserve Oil Stocks in Cyprus

EIB to Provide €35M for Reserve Oil Stocks in Cyprus

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.

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