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Following meetings with President Nicos Anastasiades and Finance Minister Harris Georgiades in Nicosia earlier today the 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.

“The European Investment Bank has a strong track record of providing more than EUR 4 billion to support transformational investment in Cyprus since 1981 and in recent years has redoubled efforts to back new projects and business expansion crucial for our country.  Once again the European Investment Bank has delivered impressive results that directly benefit the people of Cyprus and will support sustainable economic growth in the years ahead. The fruitful meetings with President Hoyer and his colleagues will enable Cyprus to benefit even more from new financing opportunities provided by the EIB in the years ahead.” said Harris Georgiades, Finance Minister of the Republic of Cyprus and Governor of the European Investment Bank.

“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 totalling 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.

Unlocking new business investment.  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.

Since the launch of the EIB SME and Midcap Scheme in 2014 more than 450 new investment projects by Cypriot companies have been supported and EUR 780 million provided to accelerate business lending by local banks. In recent years EIB support for business investment in Cyprus has included both support for the tourism sector and targeted financing for companies that train or employ young people.

Backing new investment in public infrastructure.  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.

First dedicated EIB support for shipping in Cyprus.  Last year the EIB agreed to provide EUR 10 million to Cyprus based Eureka Shipping to finance the construction of three new environmentally friendly ships under the EIB’s Green Shipping Guarantee programme.

Future financing in 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.

The EIB is the world’s largest international public bank and owned directly by the 28 European Union member states.