EIB President visits Cyprus to discuss support of new investments

Werner Hoyer, the President of the European Investment Bank (EIB), will meet with members of the Cypriot Government on Monday in Nicosia.

According to a statement issued by the EIB, Hoyer will meet President of the Republic, Nicos Anastasiades, at the Presidential Palace after his meeting with Finance Minister, Constantinos Petrides.

During the meetings, Hoyer will provide information about the way in which the EIB can support Cyprus and its businesses efficiently and adequately under the current difficult economic circumstances. It is noted that last year the EIB and the European Investment Fund (EIF) gave €170 million to support investments made by Cypriot companies.

He will also discuss the continuing efforts of the EIB to provide Cyprus with transformation investments.

Within the next months, the EIB is expected to confirm new private funding initiatives together with its Cypriot banking partners, according to the statement.

It will also finalize details of the support that it will provide to investments regarding urban projects and projects of production of energy coming from renewable sources.

The EIB Group funding of Cyprus reached €303 million last year, rising by 24 per cent compared to 2020.

This amount includes the largest participation of the EIF in Cyprus in terms of funding Cypriot companies and addressing business challenges arising from the COVID-19 pandemic.

In addition, Cyprus remains the biggest per capita receptor of the EIB support than any European country, as it has received €2.7 billion or 13 per cent of the country’s GDP.

The EIB has provided more than €5 billion for private and public investments in Cyprus since the beginning of its activities in the country in 1981, the statement concludes.