The President of the European Investment Bank (EIB), Werner Hoyer, is set to make an official visit to Cyprus on November 6. This visit marks the establishment and operation of the island’s first Capital Financing Fund, named the Cyprus Equity Fund.

During his visit, Hoyer will meet with President Nikos Christodoulides. This meeting occurs as Hoyer's tenure at the EIB nears its conclusion.

According to a press release from the Ministry of Finance, the Cyprus Capital Financing Fund will primarily invest in startup and innovative Cypriot companies. This initiative aims to bridge the market's financial gap concerning equity-type financial products.

The Fund's total capital may reach up to €37.5 million, as per the Ministry's announcement. It further details that the state will contribute €27 million to the Fund. This contribution will be mainly financed by the Cyprus Recovery and Resilience Plan and supplemented by returns from previous financial instruments, including those from the JEREMIE initiative.

In April 2022, a significant milestone was achieved when a Financing Agreement was signed, delegating the management of the Cyprus Capital Financing Fund to the European Investment Fund (EIF).

The Ministry emphasized that entrusting the EIF with the selection process of the Fund Manager and overseeing the Fund’s operations maximizes the likelihood of its successful performance, aligned with the set objectives.

Joining Hoyer on this significant trip are other EIB officials, including Kyriakos Kakouris, the newly appointed Cyprus Vice President of the EIB, and representatives from the European Investment Fund.

The visit will feature a press conference, revealing details about the Cyprus Equity Fund. Additionally, a retrospective of the EIB's contributions and activities in Cyprus over the past decade will be presented.