ΕΙΒ President on official visit to Cyprus next week

The President of the European Investment Bank (EIB), Werner Hoyer, will pay an official visit to Cyprus on 6 November, to mark the establishment and operation of the first Capital Financing Fund on the island (Cyprus Equity Fund).

Hoyer will be received by President Nikos Christodoulides as his tenure at the EIB comes to an end.

A press release by the Ministry of Finance said that the Cyprus Capital Financing Fund will invest mainly in start-up and innovative Cypriot companies, with the aim of covering the financial gap in the market in relation to financial products of an equity nature.

The final amount of the Fund may rise to €37.5m, it said, adding that the Financing Agreement provides for a state contribution to the Fund of €27m, which will be financed primarily by the Cyprus Recovery and Resilience Plan, but also from refunds of financial instruments of previous programming periods (JEREMIE initiative).

In April 2022, the ministry signed a Financing Agreement delegating the Management of the Cyprus Capital Financing Fund to the European Investment Fund.

The Ministry also said that the delegation of the management of the Fund Manager selection process and the monitoring of the operation of the Fund by the EIF ensures, to the maximum extent possible, the successful operation of the Fund in the direction of the objectives determined.

Hoyer will be accompanied by other EIB officials, including the newly appointed Cyprus Vice President of the EIB, Kyriakos Kakouris, as well as officials of the European Investment Fund.

A press conference will take place during which the Cyprus Equity Fund will be unveiled. A review of the EIB's activities in Cyprus during the last decade will also take place.

(Source: CNA)