Cyprus Mail

EBRD willing to invest €800m

The EBRD building in London

THE European Bank for Reconstruction and Development (EBRD) has expressed its willingness to invest around €800m into the Cypriot economy, mainly in the energy and tourism sectors, privatisation of semi governmental organisations and major projects of more than €10m each.

Head of EBRD in Cyprus, Libor Krkoska, held a meeting yesterday with the head of the Employers and Industrialists Federation (OEV) Christos Michaelides.

“EBRD is willing to allocate around €800m. They are interested in major projects in the Cypriot market, of more than €10m each, in energy, tourism and privatisations,” Michaelides later told reporters.

Asked to elaborate on EBRD’s interest in energy, Michaelides pointed out that their interest is of a more general nature and includes renewable energy sources. He noted that Cyprus has comparative advantages to offer in this area.

EBRD recently acquired a 5 per cent stake in Bank of Cyprus after investing some €100m as part of a capital increase by the lender.

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