EIB Group Expands in Cyprus with New Office in Nicosia to Boost Local Economy

(IN BRIEF) The European Investment Bank Group (EIB Group) is set to expand its presence in the European Union by opening a new office in Nicosia, Cyprus. This decision was revealed during discussions between EIB Group President Nadia Calviño and Cyprus Finance Minister Makis Keravnos at the EIB Board of Governors meeting in Luxembourg. Slated to open later this year, the Nicosia office will focus on strengthening the EIB’s collaboration with local businesses and public sector entities, facilitating investment decisions and providing advisory services. Cyprus has been one of the largest beneficiaries of EIB financing relative to its economy, with recent investments including substantial funds for wastewater treatment and the support of the country’s first publicly supported venture capital fund.

(PRESS RELEASE) LUXEMBOURG, 24-Jun-2024 — /EuropaWire/ — The European Investment Bank Group (EIB Group) has announced plans to establish a new office in Nicosia, Cyprus, expanding its network within the European Union. This development was highlighted during discussions between EIB Group President Nadia Calviño and Cyprus Finance Minister Makis Keravnos at the EIB Board of Governors meeting in Luxembourg on June 21.

Scheduled to open later this year, the Nicosia office aims to enhance the EIB Group’s collaboration with local stakeholders, including businesses and public sector entities. This local presence is intended to support investment decisions and offer advisory services more directly.

President Calviño expressed enthusiasm about the new office, noting its potential to strengthen ties with Cypriot authorities and local businesses. She emphasized the local and transformative impact of EIB investments across the EU, which significantly improve local economies and residents’ lives, including in Cyprus.

Cyprus is a major recipient of EIB Group financing relative to its economy size, with €257 million in new commitments signed in the previous year. Since 1981, the EIB has financed 82 projects in Cyprus, amounting to €5.5 billion, including significant infrastructure and educational projects.

Finance Minister Keravnos welcomed the initiative, highlighting the direct support it will provide to the Cypriot economy through on-ground EIB staff and technical and advisory expertise, which will aid in project preparation and execution.

Recent investments by the EIB Group in Cyprus include €100 million for wastewater treatment projects in Nicosia, Limassol, and Larnaca, and support from the European Investment Fund (EIF) for the country’s first publicly supported venture capital fund.

EIB Vice President Kyriacos Kakouris, the first from Cyprus, remarked on the EIB’s longstanding role as a steadfast investor in the country, fostering sustainable growth and competitiveness across various sectors. He noted that the establishment of the new office is a reaffirmation of the EIB’s commitment to supporting the Cypriot economy in the forthcoming years.

Background information

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400,000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil-fuels. We are on track to deliver on our commitment to support  €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the EU is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

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SOURCE: European Investment Bank

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