EIB Group Opens New Office in Cyprus, Strengthening Partnership for Sustainable Growth

EIB Group Opens New Office in Cyprus, Strengthening Partnership for Sustainable Growth

(IN BRIEF) The European Investment Bank (EIB) Group has opened a new office in Nicosia, Cyprus, signaling its strengthened commitment to supporting the country’s sustainable development goals. During the inauguration, EIB President Nadia Calviño and Cypriot leaders discussed investment priorities, including energy, water management, housing, and economic resilience. The EIB has invested €5.6 billion in Cyprus since 1981, financing projects such as wastewater infrastructure upgrades, university facilities, and affordable housing. It also supports innovation through the Cyprus Equity Fund, advancing the country’s venture capital ecosystem. The new office will enhance collaboration with local stakeholders and provide tailored financial and advisory solutions to drive sustainable growth in Cyprus.

(PRESS RELEASE) LUXEMBOURG, 23-Nov-2024 — /EuropaWire/ — The European Investment Bank (EIB) Group has deepened its commitment to Cyprus by inaugurating a new office in Nicosia during a visit by EIB Group President Nadia Calviño. The visit, her first to Cyprus as EIB Group President, included discussions with Cypriot leadership about joint initiatives in key sectors such as energy, water management, housing, and emergency response.

Speaking at the event, President Calviño highlighted the significance of the new office: “This local presence allows us to engage more effectively with Cyprus and better support transformative projects that align with shared priorities.”

Vice-President Kyriacos Kakouris reiterated the importance of this development, emphasizing the EIB’s dedication to delivering tailored financial solutions that address Cyprus’s unique challenges and foster sustainable development.

Driving Investment for Transformation

The EIB Group has invested €5.6 billion in Cyprus since 1981, significantly contributing to economic growth and social cohesion. Recent investments reflect its focus on infrastructure, affordable housing, and climate action.

• Water Management: €100 million has been allocated to modernize sewer networks and wastewater treatment facilities in Nicosia, Larnaca, and Limassol, improving public health and environmental sustainability.
• Education and Housing: €125 million was provided to the Cyprus University of Technology to enhance facilities and construct 703 affordable student housing units across Limassol and Paphos. The Limassol campus will also feature a solar-power plant for renewable energy.
• Innovation Ecosystem: The EIB-backed Cyprus Equity Fund, with €30 million in equity financing, is driving venture capital development and supporting innovative startups.

Strategic Focus Areas

The EIB Group’s strategic priorities in Cyprus align with national goals, emphasizing:

• Climate action and renewable energy
• Infrastructure modernization
• Affordable and sustainable housing
• Innovation and venture capital support

Additionally, advisory services have been instrumental in advancing projects like the Vasilikos Energy Centre and planning for the New Cyprus Museum, slated for EIB financing in 2025.

A Stronger Presence

Located in Nicosia and headed by Antonis Papageorgiou, the new office will serve as a hub for collaboration with government bodies, businesses, and other stakeholders. Cyprus Finance Minister Makis Keravnos called the office a “milestone” in the evolving partnership between Cyprus and the EU, symbolizing the EIB’s enduring commitment to the country.

The EIB Group’s expanded presence reaffirms its role as a key partner in Cyprus’s sustainable development, focusing on innovation, resilience, and green transition.

Background information

About the EIB and Cyprus

The European Investment Bank (EIB) is the long-term lending institution of the European Union. It finances investments contributing to EU policy goals. The EIB Group invested €257 million in Cyprus in 2023, supporting water management infrastructure, regional development and boosting economic resilience, while also enhancing environmental sustainability and improving quality of life.

Media Contact:

Wood Graham
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+352 4379 – 70512

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SOURCE: European Investment Bank