A financial agreement for a loan to the Cyprus Electricity Authority (EAC), amounting to 130 million euros, from the European Investment Bank (EIB) for the restoration of unit five at the Vasilikos power plant, with a total capacity of 220 Megawatts, was signed at noon by Minister of Finance , the Vice President of the EIB Plutarch Sakellaris and the Chairman of the Board of EAC Haris Thrasou…
Speaking after the signing of the agreement, at the Ministry of Finance, Mr. Kazamias expressed gratitude to the EIB that responded immediately, as he said, "to our calls to provide funding for the reconstruction of the power plant in Vasiliko".
He noted that "the approval of the loan will contribute to improving the climate of confidence for the Cypriot economy and will stimulate the EAC's finances, as it is known that the terms of the EIB loan are comparatively better than any other source of internal and external financing."
Source: Cyprus News Agency