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26 September, 2023
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Cyprus emerges as top beneficiary of EIB support in Europe

European Investment Bank allocates €250 million for priority investments, promoting green transition and economic resilience in Cyprus

Newsroom / CNA

Cyprus stands as the leading per capita recipient of European Investment Bank (EIB) support in Europe, according to EIB President Werner Hoyer. Last year, the EIB Group allocated a total of €250 million for crucial investments in Cyprus. In a meeting with Finance Minister Makis Keravnos, the EIB's commitment to Cyprus and its people took center stage. The Finance Minister expressed satisfaction with the ongoing cooperation between Cyprus and the EIB, while also discussing prospects for expanding this collaboration in the future.

Significant development projects in Cyprus, including the university campus, road infrastructure, electricity authority initiatives, and municipal endeavors, have either secured funding or are awaiting approval. Emphasis was placed on the green transition and expediting sustainable initiatives. The EIB pledged its support not only through loans but also by leveraging its expertise. To further bolster these efforts, a technical mission to Cyprus is slated to take place.

Hoyer lauded Cyprus for its cooperative stance with the EIB and engaged in discussions regarding future backing for priority investments in the country. The EIB has allocated €150 million for urban regeneration projects, bolstering green initiatives and invigorating the economy. Furthermore, the EIB provided targeted financing support of €100 million for small and medium-sized enterprises (SMEs) and MidCaps through the Cyprus Entrepreneurship Fund.

In collaboration with the European Investment Fund, the EIB facilitated the establishment of the Cyprus Equity Fund, which enhances financial access for start-ups and innovative companies, further fostering economic growth in Cyprus. The EIB expressed gratitude to EU member states and shareholders, including Cyprus, for their invaluable support in providing financial assistance to Ukraine amidst the ongoing conflict.

The EIB has disbursed €1.7 billion in financial aid to Ukraine, with an additional €500 million set to be disbursed in the near future. The EIB is actively engaged in supporting countries affected by the war in Ukraine and stands ready to assist Cyprus in mitigating the economic shocks resulting from the conflict. Recognizing Cyprus' significant contributions to addressing the humanitarian challenges stemming from refugee flows, the EIB aims to fortify Ukraine's economic resilience by supporting vital infrastructure projects.

Cyprus  |  Europe  |  economy

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