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Funding approved for LNG project in Cyprus

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LNG Industry,

The Board of Directors of the European Investment Bank (EIB), has approved funding of €150 million for the construction of the LNG project in Cyprus. The implementation of the project is undertaken on behalf of the Republic of Cyprus by the Natural Gas Infrastructure Company (ETYFA).

Specifically, the capital expenditures financing of the important project for the energy future of Cyprus, has a duration of 20 years and favourably low interest terms. The decision of the EIB was taken after having assessed the viability of the project and the development prospects that will be created by its successful implementation.

The capital budget for the project amounts to €289 million. ETYFA has already secured a €101 million grant from the European Commission through the Connecting Europe Facility (CEF) and €43 million from the EAC's participation in ETYFA's share capital. The financial support of €150 million from the EIB is the necessary trigger for the actual works to commence in the Vasilikos area.

This is a decision that unquestionably reflects the confidence of the institutions of the European community in both DEFA and ETYFA and recognises the reliability and consistency shown by DEFA at every stage of the project implementation. DEFA systematically laid the important foundations for the achievement of Cyprus’ long-term goal of importing of natural gas.

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