The opening of a local office of the European Investment Bank will bring significant benefits to Cyprus, the Ministry of Finance announced. Minister of Finance Makis Keravnos has proposed accommodating EIB staff in the Ministry's building until the bank secures a permanent office.

The Ministry of Finance referenced a private meeting Keravnos held after the Annual Meeting of EIB Governors on Friday in Luxembourg with EIB President Nadia Calviño. During the meeting, they decided to establish an EIB office in Cyprus as soon as possible, aiming to strengthen the Bank's cooperation with various local bodies and partners in both the public and private sectors.

"The opening of an EIB local office will bring significant benefits to Cyprus, providing 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, various state and private entities will benefit from the expertise of the Bank's staff and the technical support they can offer during the evaluation and execution of various projects," the Ministry of Finance noted.

Additionally, during the meeting, and to expedite 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, located at 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 of Finance pointed out, adding that the official inauguration of the office will take place in autumn, in the presence of the EIB President.