The President of the European Investment Bank, in Cyprus to support new investments

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The President of the European Investment Bank, Werner Hoyer, will have meetings with government representatives in Nicosia today.

President Hoyer will meet with President Nikos Anastasiadis at the Presidential Palace on Monday morning. Talks will follow with the ministers of Energy and Foreign Affairs, as well as with the Minister of Finance Konstantinos Petridis, who is also the Cypriot governor of the EIB.

The EIB President will thank President Anastasiadis and Minister Petridis for their strong support of Cyprus in the European Investment Bank’s immediate response to COVID-19 throughout Europe.

President Hoyer will brief his interlocutors on how the EIB can effectively and effectively support Cyprus and Cypriot companies amid the difficult economic situation created by the coronavirus pandemic and the bank’s ongoing efforts to provide transformation investments in the island.

The European Union Bank is pleased with the Cypriot government’s confidence in the EIB’s support in June, when its authorities took steps to assist local businesses and protect jobs.

EIB support includes Cyprus’s € 25 billion contribution to the Pan-European Guarantee Fund (TIF) to help companies in difficulty due to the current crisis, building a bridge to recovery, as well as providing financial support through financial institutions.

EIB in Cyprus
During his visit, President Hoyer will also present the impact of EIB Group funding in Cyprus.

Last year, the EIB Group provided € 230 million in new investments in Cyprus, making the country the main beneficiary of EIB investments per capita. Agreed projects included renewable energy programs and loans through local banks to support small-scale investments in the private sector.

So far, the EIB has approved € 500 million to finance Cyprus – an amount that is expected to increase before the end of the year.

On 2 September, the EIB Board of Directors approved € 200 million in funding to support local small and medium-sized enterprises and medium-sized companies through the Cyprus Entrepreneurship Fund.

As the EU Climate Bank, the EIB is committed to supporting the energy transition and increasing clean energy production in Cyprus and the rest of Europe. The bank was pleased to recently support the development of renewable energy sources in Cyprus with local partners and to fund projects that help reduce CO2 emissions.

Under the energy lending policy, the EIB will end financing fossil fuel energy projects by the end of 2021.