The European Investment Bank (EIB) may partake in financing the Cyprus-Greece-Israel electricity interconnection, the EuroAsia Interconnector—a project valued at €2 billion. EIB President Werner Hoyer clarified previous misconceptions, highlighting the bank's serious consideration of the project due to its significant energy supply impact and geopolitical relevance. Hoyer underlined the potential benefits for Cypriot consumers, emphasizing the goal to reduce energy prices.

During a press conference announcing the establishment of Cyprus' first Equity Fund, Hoyer responded to queries about the bank's stance on the EuroAsia Interconnector. Contrary to earlier reports of disinterest, Hoyer affirmed the project's ongoing evolution and the EIB's positive outlook.

The interconnector, according to Hoyer, should exploit Cyprus' renewable energy potential, incorporating transmission links and storage solutions, such as batteries. He commended the Cypriot government's commitment to this initiative and its implications for energy price reductions.

Furthermore, the EIB and the government introduced the island's inaugural Equity Fund, aiming to bridge the financing gap for innovative small businesses and startups. With €27.5 million from the government, primarily funded by the EU Recovery and Resilience Fund, and an additional €10 million raised by the Fund’s manager, 33 East Venture Capital, the fund seeks to enhance access to capital for high-risk innovative ventures.

Kyriakos Kakouris, EIB Vice President, and Giorgos Panteli, Finance Ministry Permanent Secretary, acknowledged the fund's critical role in fostering innovation. Nicolas Panayiotopoulos, Secretary-General of the European Investment Fund (EIF), and Demetris Zoppos, partner at 33 East VC, both underscored the fund's strategic intent to cultivate a robust venture capital ecosystem and support innovative entrepreneurs in Cyprus.

Zoppos said that he, along with his partner Yiannis Eftychiou, has already "looked at about 100 or so opportunities in about six months." "There is a lot of interest here, but for funds like ours, the typical ratio is to look at 50 to 75 companies for every investment we make," he said. Concluding, Zoppos stated, "Our thesis is that Cyprus has a lot of potential to transform itself into a technology hub."