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European Investment Fund and the University of Cyprus sign a €4 million loan guarantee agreement

13/02/2018 15:47

The European Investment Fund and the University of Cyprus have today signed an agreement, which will allow students from other countries to defer tuition fees and student accommodation rent payments, announced today the European Commission.

According  ot the EC, this new pilot scheme worth EUR 4 million and backed by the Erasmus+ Master Loan Guarantee Scheme is expected to benefit more than 240 Master students. Other favourable conditions include another two-year grace period to defer their tuition fees after the end of the studies and a minimum four-year repayment plan after that period. The University of Cyprus is the second university in Europe to launch this kind of initiative following the University of Luxembourg in 2017. The new agreement is the seventh to be signed under the guarantee scheme (the other five agreements were signed with financial institutions).

Tibor Navracsics, Commissioner for Education, Culture, Youth and Sport, said: "This shows that the Erasmus+ guarantee facility is an interesting development opportunity for universities seeking to internationalise their educational offer. It is all the more welcome that the university can take advantage of a comprehensive funding offer of loans and guarantees, thanks to the combined efforts of the European Investment Bank and European Investment Fund. Incoming students will not only be able to benefit from affordable Master studies in Cyprus, but also from a brand new university library, to be built with the Bank`s support.”