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EBRD is about to invest € 800 million in the economy of Cyprus

European Bank for Reconstruction andDevelopment (EBRD) has declared its will to invest about € 800 million in theeconomy of Cyprus, mainly in the sectors of energy and tourism, as well as theprivatization of parastatals and some other large projects that are valued at €10 million each. 

Yesterday, the head of the EBRD in Cyprus,Libor Krkoska, held a meeting with the Chairman of CyprusEmployers & Industrialists Federation – OEB, Christos Michaelides.

"The Bank is ready to provide theamount of € 800 million and has showed a lot of interest toward large-scaleprojects in Cyprus" said Mr Michaelides. 

Mr Michaelides has specified that the maininterest of the EBRD in the sector of energy, is addressed toward the renewableenergy sources. He has underlined that Cyprus has a highly competitive advantageon this. 

It is also worth saying that recently theBank has acquired 5 percent of shares in the Bank of Cyprus.

 

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