CIFA Annual General Meeting: Investment Funds as catalysts for sustainable growth in Cyprus

The Annual General Meeting (AGM) of the Cyprus Investment Funds Association (CIFA) successfully showcased the significant role and contributions of the investment funds sector in driving the sustainable development of Cyprus's economy.

As noted in a relevant press release, the 15 February event in Nicosia received commendations from distinguished guests including Nikos Christodoulides, President of the Republic; Makis Keravnos, Minister of Finance; and George Karatzias, Vice-President of the Cyprus Securities and Exchange Commission, who all recognized the importance of this sector.

During the meeting, Andreas Yiasemides, the outgoing President of CIFA, reflected on the sector's accomplishments over recent years. He particularly emphasized the sector's vital contributions amid efforts to modernize and diversify Cyprus's economic model, supported by the Recovery and Resilience Fund and the Vision 2035 Plan. Yiasemides noted that over 25% of investment fund assets, exceeding €2.3 billion, are invested in key domestic sectors including shipping, renewable energy, education, and technology. He urged for the swift approval of legislation critical for completing the regulatory framework governing investment fund administration.

President Nikos Christodoulides highlighted the progress made in establishing a robust investment fund ecosystem in Cyprus. He specifically lauded the growth and potential of Cyprus's investment funds sector, highlighting its contributions to the Cypriot economy beyond direct tax revenue. These include the creation of specialized, high-paying jobs and the enhancement of alternative financing options.

The Finance Minister, Makis Keravnos, emphasized that the ongoing development and reinforcement of the Investment Funds sector in Cyprus are central to the Government's economic policy. "The Ministry of Finance," he stated, "in recognition of the sector's positive momentum in recent years, has formulated policies aimed at its sustained growth and stringent oversight."

The Vice-President of the Cyprus Securities and Exchange Commission, George Karatzias, underscored the sector's growth and potential. “The Commission prioritizes the ongoing expansion of the collective investment sector, actively improving and updating its regulatory framework”. Furthermore, he extended his congratulations to CIFA for its outstanding contributions to the industry.

A. Yiasemides extended his gratitude to the CIFA Board of Directors and the association's staff for their decade-long collaboration. He expressed his willingness, along with other departing board members, to support the new board's endeavors.

The new Board of Directors

An Electoral General Meeting was concluded with the election and establishment of a new Board of Directors for CIFA. The members of the new Board are:

Maria Panayiotou - President

Spyros Vasiliou - Vice President

Petros Mavrommatis - Vice President

Michalis Vasiliou - Secretary

Marios Charalambides - Treasurer

Konstantinos Xanthis - Member

Emilios Tannousis - Member

Constantinos Papanastasiou - Member

George Tsangarides - Member

Christia Evagorou - Member

Aphrodite Zinga - Member

Marios Georgiades - Member

Maria Petsa - Member

Andreas Athinodorou - Member

Omiros Nishiotis - Member

Elia Nicolaou - Member

Christoforos Antoniades - Member

Maria Panayiotou, the new president of CIFA, stated, "CIFA has been a credible ally to the Cypriot State. Our successful collaboration has positioned Cyprus as a leading international hub for investment funds, channeling 2.3 billion euros into the Cypriot economy, generating thousands of new jobs, and fostering a professional network of 500 companies. These companies operate with transparency and adhere strictly to regulatory standards, managing assets totaling 8.6 billion euros. It's imperative that we not only continue on this path but also enhance our efforts, as we are just at the outset of this endeavor. The new Board's priorities include pursuing further institutional reforms, advancing financial education among the citizens of Cyprus, and amplifying our international outreach. An immediate goal is to offer technocratic support to the Government for the upcoming tax reform."