The European Bank of Reconstruction and Development plans to invest at least €100 million annually in Cyprus’ financial and energy sectors as well as privatisations, its chairman said on Thursday.
The EBRD, which is owned by the European Union, the European Investment Bank and 64 countries, made a €107.5 million investment in Bank of Cyprus in mid-2014. It holds a 5.02 percent stake in the bank.
“We are very ambitious and confident that EBRD investments will strengthen local businesses, especially the small enterprise sector,” EBRD president Suma Chakrabarti said.
Chakrabarti, in Cyprus to open a resident office of the organisation in Nicosia, said the EBRD would focus investments in the financial sector, energy, privatisations and providing finance to projects of individual countries.
He said the EBRD had a ‘strong pipeline’ of potential investment projects. (Reuters)
Finance Minister Harris Georgiades, who jointly cut the ribbon with Chakrabarti said Cyprus considered the decision of the EBRD to become active in Cyprus “during these difficult and challenging times” as an important one and it would prove a boost to economic recovery, he said.