Local
articles | 02 April 2015

EBRD in Cyprus a boom for economic recovery

President Anastasiades recently met the Vice President of the European Bank for Restoration and Development (EBRD), PhilBennett, who paid his first visit to Cyprus.

During the meeting, attended by Finance Minister Harris Georgiades and other officials, the President underlined the great importance for the EBRD’s active involvement in Cyprus and expressed his satisfaction for the opening of its office in Nicosia.

Anastasiades also stressed the role of a powerful and trustworthy international organisation, such as the EBRD, is very important since the investments undertaken are a decisive contribution to the restoration of confidence in the Cypriot economy, sending positive messages to international markets and foreign investors.

At Monday’s meeting it was also underlined that the experience, the know-how and the comparative advantages of the EBRD in sectors such as bank restructuring and support for small and medium size businesses, contribute significantly in the recovery of economies in general.

Anastasiades also briefed Bennett on the progress of the Cypriot economy, noting consecutive upgrades by international Rating Agencies and positive evaluations on its adjustment programme.

Bennett referred to the activities of the EBRD in Cyprus, noting that in September it concluded its first project through its participation in the BoC capital issue with the amount of €107.5 million, while a second project has been approved for purchasing BoC bonds.

Bennett also expressed the view that EBRD funding in Cyprus will rise to about €200 million within 2015, mainly for projects in the financial and energy sectors.

Source: InCyprus

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