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

European Bank for Reconstruction and Development (EBRD) has declared its will to invest about € 800 million in the economy of Cyprus, mainly in the sectors of energy and tourism, as well as the privatization 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 Cyprus Employers & Industrialists Federation – OEB, Christos Michaelides.

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

Mr Michaelides has specified that the main interest of the EBRD in the sector of energy, is addressed toward the renewable energy sources. He has underlined that Cyprus has a highly competitive advantage on this. 

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