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30 Key Projects To Transform Famagusta With €122 Million Investment

by THEFUTURE.TEAM

President Nikos Christodoulides has announced a €122 million investment across 30 projects aimed at revitalizing the free areas of Famagusta. Speaking at a regional gathering in Paralimni on 13 February, he outlined the government’s vision to enhance infrastructure, boost tourism, and improve the overall quality of life for residents.

Joined by members of the Council of Ministers and state officials, the President emphasized Famagusta’s vital role in Cyprus’ economy, particularly in tourism and the primary sector. The projects include major road network upgrades, the development of urban and linear parks, and enhancements to tourism infrastructure.

Key initiatives also focus on modernizing sports centers and expediting critical projects like the completion of the Fishing Shelter at Liopetri River. The comprehensive plan spans multiple sectors, including urban regeneration, business and tourism, education, and social welfare.

Calling for close cooperation between local authorities and stakeholders, Christodoulides urged collective efforts to fast-track these development initiatives and unlock the district’s full potential.

Planned projects

Road Network Improvement and Urban Regeneration Projects

  1. Improvement of the Main Road in Avgorou on Karyon Avenue – €9 million
  2. Construction of a Multi-Storey Parking Lot in Paralimni – €8 million
  3. Improvement and Upgrading of Ayia Napa’s Beachfront – €3.6 million
  4. Road Improvement Connecting Vrysoudion Street with Pinia Street – €4 million
  5. Construction of a Road from the Agios Panteleimonas Roundabout to the Church of Agia Varvara – €5 million
  6. Regulatory Plans for the 2nd Phase of the Improvements of Stadias Street, Giakoumi Papadopoulos Street, and Korai Street in Paralimni – €14 million
  7. 4th Phase of the Protaras Coastal Promenade – €18 million
  8. Redevelopment of the Traditional Core of Frenaros – €1.3 million
  9. Redevelopment of Paralimni Square – €11.2 million
  10. Creation of an Urban Multifunctional Park in Ayia Napa – €5 million
  11. Creation of a Linear Park in Aheritou – €1 million

Economy / Business / Tourism

  1. Incentive Plan in Catering – €700 thousand
  2. Plan for Enrichment Projects for Local Government Authorities – €300 thousand
  3. Creation of a Craft Area in Dasaki Achna – €250 thousand

Education

  1. Upgrading of Building Infrastructure of Paralimni High School – €5.5 million
  2. Construction of a New Paralimni High School – €15 million
  3. Operation of the School of Tourism Studies within the Framework of the MIEEK

Social Welfare

  1. Model Autism Center of Famagusta District – €4 million
  2. Expansion and Upgrading of the Nursery and Children’s Activity Center in Avgorou
  3. Additional Projects in the Region’s SKE – €140 thousand
  4. Intensive Daily Addiction Treatment Program – €1.5 million

Culture

  1. Transformation of the Ayia Napa Monastery into a Museum and Creation of a Research Center, Library, and Conference Rooms – €2.3 million
  2. Cultural and Conference Center Hall in the Municipality of Deryneia – €5 million
  3. Open-air Amphitheater in Avgorou – €1.5 million

Sport

  1. Upgrade: Sotiras Sports Center, Frenaros Sports Center, Liopetri Sports Center – €2 million
  2. Construction of a Public Sports Area in Achna – €2 million

Cyprus Inflation Trends: Steady Uptick Amid Moderate Price Growth

by THEFUTURE.TEAM

Cyprus Statistical Service data show that the Consumer Price Index (CPI) in Cyprus rose to 101.07 points in March 2026 from 99.86 in February. The increase of 1.21 points reflects continued movement in consumer prices across key categories.

National Inflation Dynamics

Cystat reported an annual inflation rate of 1.2% in March 2026, indicating moderate price growth. Agricultural products recorded an annual increase of 13.3%, while electricity and water prices declined by 12.9%. Monthly, petroleum products showed the largest increase at 9.1%, reflecting changes in energy prices.

European Outlook And Comparative Analysis

Eurostat estimated annual inflation in Cyprus at 1.5%, with a monthly increase of 1% based on the harmonised index of consumer prices (HICP). Across the euro area, inflation reached 2.5% in March, influenced by a 4.9% increase in energy prices.

Sectoral Drivers And Economic Implications

Food and non-alcoholic beverages recorded an annual increase of 6.2%, while clothing and footwear declined by 5.8% year on year. Positive contributions to the CPI also came from restaurants and accommodation services, as well as recreation and culture. Declines in health services and information and communication helped offset upward pressure on overall prices.

Conclusion: A Balanced Economic View

While consumer prices increased in March 2026, inflation remains below the 2.1% level recorded in March 2025. Current data show varying trends across sectors, with energy, food, and services contributing differently to overall price dynamics.

Comparisons with Eurostat data indicate that both local and broader European factors continue to influence inflation levels. These developments remain relevant for policymakers and businesses assessing economic conditions, particularly in relation to pricing, investment planning, and fiscal policy decisions in the coming months.

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