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ARTICLE · 22 DECEMBER 2014

New EBRD Office In Cyprus

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The European Bank for Reconstruction and Development has underpinned its commitment to Cyprus with the opening of a Resident Office on the island.

CyprusFinance and Banking
Elias Neocleous & Co LLC
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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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