- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Church unveils large-scale construction projects

THE Church of Cyprus has begun the process of implementing large-scale works aimed at bringing investors and thousands of jobs to the island.

Archbishop Chrysostomos II, said that the goal is to find work for as many unemployed Cypriots as possible.

He announced that an agreement had been reached with Russian investors to build a major hotel at a Paphos coastal area expected to cost €70 million. The Church will provide the land for the hotel and receive a rent of €1.5 million a year.

The Church will also provide land for the building of a private English-speaking school in Nicosia and a geothermal park and in addition it will take out a loan for the restoration of historical buildings in the walled city of Nicosia.