EIB to open local office in Cyprus

The Ministry of Finance announced the opening of a local office of the European Investment Bank (EIB) in Cyprus, highlighting the significant benefits it will bring to the country. Finance Minister Makis Keravnos proposed that EIB staff be temporarily accommodated in the Ministry's building until the bank secures a permanent office.

The decision followed a private meeting between Minister Keravnos and EIB President Nadia Calviño after the Annual Meeting of EIB Governors in Luxembourg. The new office aims to enhance the Bank's cooperation with local public and private sectors.

"The opening of an EIB local office will bring significant benefits to Cyprus by allowing the Bank to respond promptly to the needs of the Cypriot economy," the Ministry of Finance stated. "State and private entities will benefit from the expertise of the Bank's staff and the technical support they can offer during the evaluation and execution of various projects."

Keravnos offered to host the EIB staff temporarily in the Ministry building to facilitate the immediate operation of the local office.

The EIB, headquartered in Luxembourg, operates local offices in 55 countries, including 23 EU Member States and 32 third countries.

"The operation of the EIB office in Cyprus, the easternmost point of the EU at the crossroads of three continents, is a milestone for both Cyprus and the EIB," the Ministry of Finance noted. The official inauguration of the office is scheduled for autumn, with the presence of EIB President Calviño.

[With information from CNA]