articles | 02 July 2015

EBRD will help minimise Greek impact on Cyprus

The European Bank for Reconstruction and Development (EBRD) will do its best to minimise any impact on Cyprus from the Greek crisis, a senior official said recently.

The head of EBRD’s Cyprus office Libor Krkoska said they were monitoring the situation in Greece closely.

“We are also watching what is happening here in Cyprus and so far it appears the Greek crisis is not having a big impact,” he said. “We’ll do our best to support the stability of the financial sector and local companies so that the impact on the Cypriot economy would be minimal.”

Krkoska was speaking on the sidelines of EBRD’s first Trade Facilitation Programme Information Session in Cyprus, held in Limassol.

During the event EBRD signed a €20 million trade facility agreement with Eurobank Cyprus, aimed at supporting the expansion of international trade on the island.

Through the facility the EBRD will issue guarantees in favour of international commercial banks covering the political and commercial payment risk of the transactions undertaken by Eurobank.

Eurobank will also benefit from the EBRD’s award winningtechnical cooperation projects in trade finance.

“This is a very important step to widen and deepen our engagement in Cyprus,” Lucyna Stanczak-Wuczynska, EBRD Director, financial institutions, said. “Extending trade is an important way of strengthening the local economy by creating opportunities for growth and the EBRD would like to be more engaged in working with Cypriot banks”.

Source: Cyprus Mail

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