Cyprus Mail
Business

EBRD to pump €700m into Cyprus, chairman Chakrabarti says

By Stelios Orphanides

In 1991, when the Cold War was finally over, Cyprus was one of the countries which founded the European Bank of Reconstruction and Development in an effort to provide support to central and eastern European countries in their transition from the planned economy to the free market economy.

More than two decades later, EBRD plans to help the country overcome its “painful crisis” by funding projects on the island worth 700 million euros by 2020, the head of the EU’s development bank said.

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