Breaking news

30 Key Projects To Transform Famagusta With €122 Million Investment

by THEFUTURE.TEAM

February 14, 2025

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.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

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

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

Economy / Business / Tourism

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

Education

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

Social Welfare

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

Culture

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

Sport

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

The Future Forbes Realty Global Properties

Lithuania And Cyprus Forge Enhanced Partnership In Tourism And Defence

Expanding Cooperation Beyond The Surface

Kristupas Vaitiekūnas highlighted opportunities for closer cooperation between Lithuania and Cyprus during his visit to Nicosia for the informal ECOFIN meeting. Speaking to the Cyprus News Agency, the Lithuanian finance minister said both countries share common challenges and could expand collaboration in areas including tourism, defence and financial services.

Addressing Shared Challenges

Finance Minister Kristupas Vaitiekūnas said Lithuania and Cyprus face similar security and economic pressures despite their geographic differences. Particular attention was given to emerging security threats, including drone-related risks, alongside the importance of maintaining resilient financial sectors. According to Vaitiekūnas, stronger coordination in those areas could deliver long-term economic and strategic benefits for both countries.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Focus On Fiscal Stability And Energy Security

Discussions at the ECOFIN meeting are expected to focus on Europe’s economic outlook, energy market volatility and fiscal stability. Kristupas Vaitiekūnas warned that instability in the Middle East could continue affecting oil markets and broader economic performance across Europe. Housing affordability was also identified as a growing challenge, with rising property prices in cities such as Vilnius reflecting broader pressures seen across European markets.

Coordinated Energy Strategy And Future Investments

The Lithuanian finance minister also called for a more coordinated European approach to energy and economic resilience. Vaitiekūnas suggested that targeted and temporary policy measures could prove more effective than large-scale structural reforms in addressing short-term pressures. Lithuania continues to increase investment in renewable energy generation and storage infrastructure as part of efforts to strengthen energy independence and begin producing surplus electricity by 2028.

Support For Ukraine And Enhancing Defence Funding

Finance Minister Kristupas Vaitiekūnas reaffirmed Lithuania’s support for Ukraine, describing the war as a broader struggle tied to European security and democratic values. He also backed accelerating Ukraine’s accession process to the European Union, arguing that deeper integration would strengthen regional stability and economic prosperity. Vaitiekūnas welcomed the EU’s SAFE programme, which is expected to support Lithuania’s defence capabilities while contributing additional assistance to Ukraine.

Looking Ahead To A More Unified Europe

Addressing the European Union’s future budget framework, Kristupas Vaitiekūnas said increased funding for security and defence represented a positive development. At the same time, he warned that reductions in cohesion funding and agricultural support could negatively affect purchasing power and long-term European unity. Lithuania is expected to place continued emphasis on Ukraine and regional security ahead of its upcoming EU Council Presidency in early 2027.