Nicosia’s Bold €200M Transformation: A Vision For Sustainable Urban Mobility

by THEFUTURE.TEAM

February 10, 2025

Nicosia is set for a major urban transformation with the launch of an ambitious €192 million sustainable mobility plan aimed at reshaping the city’s transport network by 2030. The initiative seeks to reduce the capital’s dependence on cars—currently responsible for over 85% of all journeys—while promoting eco-friendly alternatives such as public transport, cycling, and pedestrian-friendly infrastructure.

A 15-Minute City Vision

Approved by the Environmental Authority, the plan envisions Nicosia as a “15-minute connected multicore city,” where residents can access key services within a short walk, bike ride, or public transport trip. With inflation adjustments, the total investment is expected to surpass €201 million, while projected societal benefits, including residual infrastructure value, are estimated at €453 million over six years.

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Key Infrastructure Developments

The plan dedicates €111 million to renovating historic and commercial centers, including Strovolos, Nicosia, and Lakatamia. Public transport improvements will receive €46 million, and €13 million will be allocated to expanding cycling infrastructure.

Additionally, new speed regulations will be implemented, introducing 30 km/h zones in districts such as Aglantzia, Kaimakli, and Pallouriotissa for €2.9 million.

Addressing Nicosia’s Transit Challenges

Public transport usage in Nicosia currently stands at just 2-4%, with walking and cycling accounting for another 4%. The new strategy aims to curb issues arising from excessive private car use, including congestion, air pollution, noise, traffic accidents, and illegal parking.

Aligned with Cyprus’s updated National Energy and Climate Plan, the initiative aims for a 30% reduction in petrol-powered private cars and diesel buses, replacing them with electric alternatives. By 2030, the city’s entire bus fleet is expected to be fully electric.

Major Road And Transport Projects

A key feature of the plan is a new 32-kilometre four-lane peripheral motorway linking Nicosia-Limassol, Nicosia-Troodos, and Nicosia-Palaichori highways, designed to ease congestion. Other major projects include:

€7 million upgrade of the Tseri axis
€31 million improvements to Argyroupoleos, Ippocratous, and Tseri avenues in Lakatamia and Strovolos
Eight historical center renovations
Controlled parking zones with premium rates
Old GSP stadium redevelopment
13 new cycling routes, including university connections
20 public transport enhancements, including new circular routes

City officials emphasize that the plan remains flexible to adapt to evolving urban mobility needs and insights gained during implementation. If successful, Nicosia’s transformation could serve as a model for sustainable urban planning in the region.

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Central Bank Of Cyprus Balance Sheet Reflects Strong Eurosystem Position

by THEFUTURE.TEAM

February 17, 2026

Overview Of Financial Stability

The Central Bank of Cyprus (CBC) has released its latest balance sheet, reaffirming its steadfast role within the Eurosystem. The balance sheet, featuring total assets and liabilities of €29.545 billion, underscores the institution’s stable financial posture at the close of January 2026.

Asset Allocation And Strategic Holdings

Governor Christodoulos Patsalides issued the balance sheet, which details the CBC’s asset composition under the Eurosystem framework. Notably, the bank’s gold and gold receivables amounted to €1.635 billion, providing a significant hedge and stability to its balance sheet. Additional asset categories include claims on non-euro area residents denominated in foreign currency at €1.099 billion, while claims on euro area residents in both foreign and domestic currency add further depth to its portfolio.

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The most substantial asset category, intra-Eurosystem claims, reached €19.438 billion, an indication of the CBC’s deep integration with its European counterparts. Furthermore, euro-denominated securities held by euro area residents contributed €6.587 billion. Despite a marked emphasis on these areas, lending to euro area credit institutions in monetary policy operations recorded no activity during the period.

Liability Structure And Monetary Policy Implications

On the liabilities side, banknotes in circulation contributed €3.218 billion. Liabilities to euro area credit institutions associated with monetary policy operations were notably the largest single category, totaling €17.636 billion. Supplementary liabilities included those to other euro area residents, which aggregated to €4.989 billion, with government liabilities playing a predominant role at €4.754 billion.

Other liability items, such as claims related to special drawing rights allocated by the International Monetary Fund at €494.193 million, and provisions of €596.571 million, further articulate the CBC’s exposure. Revaluation accounts stood at €1.643 billion, and overall capital and reserves were confirmed at €333.822 million, completing the picture of a well-capitalized institution.

Conclusive Insights And Strategic Alignment

The detailed breakdown illustrates the CBC’s sizeable intra-Eurosystem exposures, reinforcing its central role within Europe’s monetary landscape. With an asset-liability balance maintained at €29.545 billion, the CBC’s financial position remains robust, indicating a commitment to structural stability and strategic risk management.

This fiscal disclosure not only provides transparency into the CBC’s operations but also serves as a benchmark for comparative analysis among other central banks within the Eurosystem, highlighting the intricate balance between asset liquidity, regulatory oversight, and monetary policy imperatives.

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