The European Bank for Reconstruction and Development has
underpinned its commitment to Cyprus with the opening of a Resident
Office on the island.
The office, which was officially opened on 4 December, will serve
as a base for the Bank's investment activities in Cyprus, which
started earlier this year and have already produced concrete
results in the form of participation in a capital raising by Bank
of Cyprus.
The Republic of Cyprus is a founding member of the EBRD and has
been a shareholder of the Bank since 1991. Cyprus became a
recipient country for EBRD investment following a decision by the
bank's shareholders in May 2014. The EBRD expects to invest at
least €100 million per year in Cyprus between now and 2020. It
will focus on investments in the financial sector, energy and
privatisations, as well as project finance for companies, helping
to rebuild the real economy following the 2013 banking crisis.
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