Parliament Approves CUT Budget of €126.2 Million

The Parliament plenary unanimously approved the budget of the Cyprus University of Technology (CUT) amounting to €126,226,340 for the year ending December 31, 2026.

The budget is balanced, with revenues coming from state grants (€59,744,000), state grants for projects through loans from the European Investment Bank and the Council of Europe Development Bank (€27,256,000), undergraduate tuition fees (€8,700,000), structural program and project funding (€500,000), and various receipts (€30,026,340).

Expenditures concern current expenses (€46,321,566), operating expenses (€8,600,772), administrative expenses (€9,820,352), capital expenditures (€33,703,630), and externally funded research programs and other projects (€27,780,020).

The Ministry of Finance agreed to submit the budget for approval under conditions. The budget includes increased funding for development projects, such as the construction of 500 student dormitories (150 in the "Verengaria" area), the completion of the School of Multimedia and Graphic Arts building, the upgrade of the old cooperative building, and the construction of the School of Marine Sciences, Technology and Sustainable Development in Larnaca.

During the plenary discussion, members of parliament expressed satisfaction with the expansion of universities, but also concerns about issues such as rents and the need to support students.