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Revitalizing The Linear Pedial Park: A Paradigm For Sustainable Urban Renewal

The redevelopment of the 11.8-kilometre Linear Pedial Park will bring major changes to the areas of Nicosia, Strovolos, and Lakatamia. Plans include four outdoor gyms, landscaping covering 190,000 square metres, spaces for board games, 11 playgrounds, an artificial lake, 14 pedestrian bridges, and a range of additional infrastructure projects.

Robust Public Engagement And Evolving Financial Estimates

Feedback from residents and civic groups in the three municipalities has already been submitted following the public presentation of the study. Initial cost estimates in 2022 stood at €22 million, excluding VAT, but updated projections now exceed €30 million. Study and supervision costs alone are estimated at €1.356 million, excluding VAT.

Multisector Funding And Phased Project Implementation

Funding for the Urban Revitalization Of The Linear Pedial River Park will come from both European and municipal sources, with European funds covering 85% of the cost and the municipalities of Nicosia, Strovolos, and Lakatamia contributing the remaining 15%. Included in the Metropolitan Nicosia Integrated Spatial Development Strategy, the project has secured co-financing under the “THALEIA 2021-2027” programme.

Work will be carried out in two phases. Phase A covers the Public Garden, Preliminary Park, Agios Omologites, part of the Strovolos City Hall area, and the initial development zone in Lakatamia. Additional sections, including the Presidential Mansion area and Athalassa Avenue, are scheduled for Phase B. Construction during the first phase is expected to last 43 months, while the second phase is planned for the 2028-2034 programme period.

Comprehensive Infrastructure And Ecosystem Enhancements

Combining ecological measures with infrastructure improvements, the master plan aims to restore the river ecosystem, mitigate extreme weather events, protect local flora and fauna, and strengthen biodiversity. Plans also include pedestrian bridges, cycling routes, integrated transit hubs, sports facilities, energy-efficient infrastructure, and renewable energy applications.

Environmental education areas, exhibition spaces, and smart technologies are also part of the proposal, including 10.8 kilometres of fibre optics and 500 sensors for monitoring and emergency response.

An Investment In The Future Of Urban Living

Designed to serve as the “green” backbone of sustainable development, the project spans Nicosia, Strovolos, and Lakatamia. According to the plan, support from local authorities and stakeholders will help combine nature, recreation, cultural activities, and smart city technologies.

Expansive Amenities And Economic Opportunities

Tree planting, wildflower gardens, Mediterranean green spaces, a musical garden, sensory and therapeutic gardens, and a new artificial lake are among the planned features. Wooden event pavilions, outdoor amphitheatres, and recreational areas also form part of the proposal. For sports enthusiasts, plans include courts for basketball, volleyball, beach volleyball, padel, and tennis, as well as a dedicated area for climbing and parkour. Another 11 playgrounds are also included.

Integration Of Smart Urban Solutions

Beyond green spaces, the redevelopment provides for eight drinking water stations, three kiosks, eight park-and-ride facilities, and charging points for electric vehicles. Recycling bins positioned every 400 metres and smart lighting installed every 50 metres are intended to improve efficiency and sustainability.

Additional features include bee and butterfly hotels, upgraded public restrooms, bike hubs, skate park facilities, and dedicated dog parks.

Eurobank Wins Two Euromoney Awards Following Cyprus Merger

Eurobank has been named Cyprus’ Best Bank for 2026 by Euromoney, while also receiving the award for Best Bank for Large Corporates at the publication’s latest Awards for Excellence.

Merger Marks A Milestone

The awards recognise the bank’s performance during 2025, a year marked by the completion of the legal merger between Hellenic Bank and Eurobank Cyprus. The transaction created Eurobank Limited, which the group says is now Cyprus’ largest banking and insurance organisation, with assets exceeding €28 billion.

Euromoney’s Awards for Excellence evaluate banks’ performance over the previous calendar year, with this edition covering January 1 to December 31, 2025.

Lending, Customers And Digital Growth

Eurobank said its business lending portfolio expanded by around 17 per cent during 2025, while its customer base grew to more than 710,000 retail clients and 11,500 business customers.

The bank also continued its digital expansion, saying more than 96 per cent of transactions are now completed through digital channels, and most financing applications are submitted via its mobile app.

Expanding International Presence

Eurobank also highlighted the opening of its first representative office in India, describing the move as a step toward strengthening business links between Cyprus and India while supporting Cyprus’ role as a gateway to the European Union for Indian businesses and investors.

According to the bank, Euromoney recognised not only the successful completion of the merger but also its lending growth, digital transformation and contribution to Cyprus’ position as an international business and investment hub.

CEO On The Awards

“The Euromoney awards confirm Eurobank’s strong momentum and the successful implementation of our group’s strategy in Cyprus,” Chief Executive Michalis Louis said.

He said the merger strengthened the bank’s ability to support households, businesses and the wider economy, while highlighting continued investment in digital services and the opening of the representative office in India as key milestones during the year.

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