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12° Nicosia,
27 June, 2022
 

EIB President visits Cyprus to discuss support for new investments

Cyprus remains the largest per capita recipient of EIB support compared to other countries in Europe

Source: CNA

European Investment Bank President, Werner Hoyer, is in Nicosia meeting with representatives of the Cypriot Government today.

During his scheduled meetings with President Nicos Anastasiadis and Finance Minister Constantinos Petridis, who is also the EIB's Cyprus governor, President Hoyer will provide information on how the EIB can effectively and adequately support Cyprus and Cypriot companies in the current difficult economic conditions. The EIB and the European Investment Fund (EIF) last year provided new targeted business financing of € 170 million to support investments by Cypriot companies.

In the coming months, the EIB is expected to confirm new private financing initiatives jointly with its Cypriot banking partners, as part of the Cyprus Entrepreneurship Fund risk-sharing initiative.

The EIB is also currently finalizing details of investment support for urban and renewable energy projects.

During his visit, President Hoyer will also present the impact of EIB Group financing in Cyprus.

The financing of the European Investment Bank Group for priority investments in Cyprus amounted to 303 million euros last year, an increase of 24% compared to 2020.

This includes the largest contribution of the European Investment Fund to Cyprus to strengthen the financing of Cypriot companies and address the business challenges related to the COVID-19 pandemic.

Cyprus, it is noted, remains the largest per capita recipient of EIB support compared to any other country in Europe, with total EIB report amounting to 2.7 billion euros, or 13% of the country's GDP.

The EIB has provided more than 5 billion euros for private and public investment in Cyprus since it began operating in the country in 1981, the statement said.

TAGS
Cyprus  |  Europe  |  economy

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