The European Investment Bank (EIB) has approved funding for new student dormitories at the Cyprus University of Technology, totaling €56.3 million. The decision was made last week, and Finance Minister Makis Keravnos, the responsible minister, will approve the government grant for financing the project. Additional funding will come from a loan by the Council of Europe Development Bank.

The construction costs will be covered by the university's budget with the help of a government grant from the Ministry of Finance. The project, set to be completed by 2026, will be located in the former British settlement of "Berengaria" in Kato Polemidia and undertaken by the consortium Wade Adams – Miltiades Neophytou JV.

The architectural firm Heracles Papachristou, selected through an architectural competition, will handle the project. It covers 35,000 square meters of built space, including 500 beds with rooms for people with disabilities. The facilities will feature underground parking, student reception offices, lounges, activity areas, a fully equipped restaurant, a gym, multipurpose rooms, and conference-style auditoriums.

Designed with bioclimatic principles, the project incorporates "green" social spaces with internal courtyards, cross-ventilation, and climate control through greenery and exterior terraces, departing from typical designs and providing a unique spatial experience.

The building is expected to be delivered in 2026, with construction carried out in two phases. The first 154 beds and some external areas are expected to be delivered by 2026, with the entire project completed by 2027. This project is considered the most significant in the university's history and is expected to become a landmark not only for the university but also for the city of Limassol.

The implementation of the university's strategic plan includes expansion into the Second and Third Poles, which encompasses, among other projects, the construction of a Model Health Center at the old hospital in collaboration with OKYPY and the construction of buildings for the School of Communication and Media and the School of Fine and Applied Arts.