Cyprus lauds plans to open EIB office on the island

Cyprus lauds plans to open EIB office on the island

The opening of a local office of the European Investment Bank (EIB) will bring significant benefits for Cyprus, the finance ministry said on Monday, adding that Minister Makis Keravnos has proposed that EIB staff be accommodated in the building of the ministry, until the bank secures a permanent office. 

The announcement comes after Keravnos met with EIB President of Nadia Calviño at an annual meeting of EIB governors on Friday in Luxembourg privately.

During the meeting, they decided the operation of an EIB office in Cyprus as soon as possible, with the aim of further strengthening the bank’s cooperation with the various local bodies and partners, both in the public and private sectors.

“The opening of an EIB local office will bring significant benefits to Cyprus, since it will provide the opportunity for the bank to respond promptly to the needs of the Cypriot economy. Furthermore, with the operation of an EIB office in Cyprus, the various state and private entities will benefit by utilising the expertise of the bank’s staff and the technical support they can offer them during the evaluation and execution of the various projects” a ministry announcement said.

It is added, during the meeting and for the purposes of the immediate operation of a local EIB office in Cyprus, Keravnos offered to temporarily host EIB staff in the Ministry building, until the bank secures a permanent office.

The EIB Headquarters are in Luxembourg and the Bank operates local offices in a total of 55 countries (23 EU Member States and 32 third countries).

“The operation of the EIB office in Cyprus, which is located in the easternmost point of the EU at the crossroads of three continents, where the EIB operates, is a milestone both for Cyprus and for the EIB” the ministry said, adding that the official inauguration of the office will take place in Autumn, in the presence of EIB President.

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