- Posted 21-Feb-2020
EIB President confirms EUR 230m provided for local projects last year and meets President Anastasiades during Cyprus visit
Werner Hoyer, President of the European Investment Bank, visited Cyprus to discuss recent and future investment in the country and see how the EIB helps to improve education in the country.
“The European Investment Bank has a unique role sharing technical experience and providing financial support for transformational investment across Europe. The EIB has played a key role enhancing economic and social opportunities in Cyprus for many years and reinforced engagement since the financial crisis. As new Cypriot Governor of the EIB I look forward to ensuring even closer cooperation with the EIB to unlock new investment that benefits Cyprus in the years ahead.” said Constantinos Petrides, Minister of Finance of the Republic of Cyprus and Governor of the European Investment Bank.
Cyprus leading beneficiary of EIB financing
Last year the EIB Group provided EUR 230 million for new investment in Cyprus, representing 1.04% of Cypriot GDP. Once again Cyprus was leading beneficiary of EIB investment on a per capita basis.
This included new credit lines with Cypriot banks to support business investment and backing for new renewable energy and energy efficiency projects. The EIB also agreed the latest support for urban development, waste, transport, telecom and health investment alongside European Union grants.
New support for energy, climate action, communications and innovation expected
The EIB is currently considering new support for power generation to significantly reduce dependency on oil, small business climate action, high speed internet access and online financial services investment in Cyprus.
Transforming cross-community education in Cyprus
The EIB is currently supporting new construction, extension and renovation at 213 kindergartens, primary and secondary schools across Cyprus.
During his visit EIB President Werner Hoyer will speak to staff and students at the English school and see the recently constructed Newham Building financed by the EIB and Cypriot government. This is the only public school on the island to educate both Greek and Turkish Cypriot students, alongside children from Armenian, Latin and Maronite minorities and abroad.
Building on strong track record since financial crisis
The European Investment Bank has provided more than EUR 4 billion for investment in Cyprus since the first EIB operations were agreed 37 years ago.
Over the last six years, since the financial crisis, the EIB has agreed more than EUR 1.7 billion of new education, energy, shipping, water and private sector investment.
Source: European Investment Bank News (http://bit.ly/3bStHgC)