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Add to Preferred SourcesThe President of the European Investment Bank, Werner Hoyer, announced that EUR 210 million of new financing for projects in Cyprus had been agreed last year.
This represents more than 1% of total GDP, making Cyprus the leading beneficiary of EIB financing in 2018 amongst all EU countries when measured by GDP.
“Our actions confirm the European Investment Bank Group’s firm commitment to supporting transformational investment here in Cyprus and supporting the Cypriot economy. New EIB financing totaling EUR 210 million agreed with Cypriot counterparts in 2018 is backing EUR 350 million of new investment. Through this strengthened support the EU Bank is accelerating business investment, improving public services and builds on global shipping expertise.” said Werner Hoyer, President of the European Investment Bank.
Last year the EIB agreed more than EUR 140 million of new financing to support private sector investment through new lending programmes to small and medium-sized companies with Cypriot banks. These lending programmes allow local companies to benefit from attractive interest rates and long-term financing.
In 2018 EUR 60 million of new financing for investment in priority infrastructure was agreed by the EIB. This supported new investment in water and wastewater infrastructure, transport schemes, urban regeneration, energy and environmental projects across Cyprus.
Looking ahead the EIB is currently examining future financing to support renewable energy, energy efficiency, affordable and student housing and new credit lines to back business investment.
Original source: EIB
Published on 18 March 2019