EIB head to inaugurate Bank’s offices in Cyprus in the Autumn

EIB Head Nadia Calvino will inaugurate the Bank’s offices in Cyprus in the Autumn, Finance Minister Makis Keravnos has told the press, following the meeting of the Cabinet at the Presidential Palace.

Speaking on 26 June, Keravnos recalled that there was an agreement with the President of the EIB whom he recently met in Luxembourg and that the Bank's offices in Cyprus will operate immediately.

He explained that in order to save time, the EIB executives will be accommodated at the Ministry of Finance until they find their own premises.

Keravnos said that this is a very important decision because EIB’s experts and executives will be present here and will have a direct understanding of the needs of our economy and our society. He added that we will be able to use their expertise for various issues and projects the government promotes.

The Minister of Finance said that in the next few days the names of executives to be relocated in Cyprus will be finalised and that the office at the Ministry is ready. 

Replying to a question he said that these are executives from the EIB but if the Bank decides to hire local staff, it is up to them how they will run their offices.

Meanwhile, the investments of the European Investment Bank (EIB) have their roots at the local level and transform local societies, improving lives, including in Cyprus, the President of the institution, Nadia Calviño, said in a written statement regarding the upcoming opening of an EIB office in Nicosia.

The aim of the decision to bolster the EIB’s presence in Cyprus is to facilitate support to local projects, as well as engagement with stakeholders and businesses, according to a press release.

The opening of this new office was discussed during a meeting between Calviño and the Cypriot Minister of Finance, Makis Keravnos, in the margins of the latest meeting of the Economic and Financial Affairs Council of the EU, held on Friday in Luxembourg, together with the EIB Board of Governors meeting (where ministers from all 27 countries are represented).

“I am looking forward to inaugurating the new EIB Group office in Nicosia later this year, which will help us deepen our excellent cooperation with local authorities and strengthen our engagement with Cypriot businesses as well,” Calviño said.

“Investments by the European Investment Bank Group are rooted locally, and they have a transformative impact for local economies throughout the EU, improving people’s lives, including in Cyprus” she added.

Recent EIB Group investments in Cyprus include 100 million euro in financing for wastewater treatment in Nicosia, Limassol and Larnaca, as well as a substantial commitment from the European Investment Fund (EIF) to support the country’s first publicly supported venture capital fund.

Cyprus consistently ranks among the biggest beneficiaries of EIB Group financing compared to the size of its economy. The EIB has worked in Cyprus since 1981, financing 82 projects totalling 5.5 billion euro over this period, including key infrastructure and educational facilities. Also in 2023 the two sides signed new commitments worth 257 million euro.

The new office is expected to be inaugurated later this year in Nicosia, and to facilitate engagement between the EIB Group and local stakeholders, businesses, and public sector entities, thus underpinning investment decisions and the provision of advisory services.

“This is an important moment for Cyprus, as the office will offer direct support to our economy from EIB staff on the ground, while we will benefit from technical and advisory expertise for the preparation and execution of projects,” Keravnos said.

“The EIB has been one of the most reliable investors in Cyprus over the past decades, supporting sustainable growth, innovation, and competitiveness across every sector of the economy,” EIB Vice President Kyriacos Kakouris said.

“As first EIB Vice-President from Cyprus, I am glad to see the EU Bank’s local presence expanded in the country, with the new office affirming our commitment to boost the Cypriot economy in the years to come,” he added.

(Source: CNA)