The President of the European Investment Bank, Werner Hoyer, will hold meetings with representatives of the Cypriot Government on Monday in Nicosia.
In particular, according to an EIB statement, President Hoyer is due to meet President Nicos Anastasiades at the Presidential Palace following talks with Finance Minister Constantinos Petrides, who is also the EIB's Cypriot Governor.
President Hoyer will provide an update on how the EIB can effectively and adequately support Cyprus and Cypriot businesses in the current difficult economic circumstances. The EIB and the European Investment Fund (EIF) last year provided new targeted business financing of €170 million to support investment by Cypriot companies.
President Hoyer will also discuss during his visit the Bank's ongoing efforts to provide transformational investment on the island, where it has been active for 31 years.
In the coming months, the EIB is expected to confirm new private financing initiatives together with its Cypriot banking partners under the Cyprus Entrepreneurship Fund's risk-sharing initiative, the statement said.
The EIB is also currently finalising details of its support for investment in urban and renewable energy projects.
During his visit, President Hoyer will also present the impact of the EIB Group's financing in Cyprus.
The European Investment Bank Group's financing for priority investments in Cyprus amounted to €303 million last year, an increase of 24% compared to 2020.
This includes the European Investment Fund's largest participation in Cyprus to strengthen the financing of Cypriot companies and address the business challenges related to the COVID-19 pandemic.
Cyprus, it is noted, remains the largest per capita recipient of EIB support of any country in Europe, with the EIB's total exposure amounting to €2.7 billion, or 13% of the country's GDP.
The EIB has provided more than €5 billion for private and public investment in Cyprus since the start of its operations in the country in 1981, the statement said.
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