Cyprus is currently the largest beneficiary of European Investment Bank (EIB) support per capita in Europe, according to EIB President Werner Hoyer. After his meeting with Finance Minister Makis Keravnos, Hoyer announced that the EIB Group allocated a total of €250 million for priority investments in Cyprus last year.

In response, the Finance Minister expressed gratitude for Hoyer's visit, emphasizing the significance of the EIB President's presence in Cyprus since the election of Nikos Christodoulides as President of the Republic. He viewed this visit as a testament to the EIB's commitment to Cyprus and its people.

During the constructive meeting, the Finance Minister discussed the ongoing cooperation between Cyprus and the EIB, as well as plans for extending this collaboration in the near future. He expressed satisfaction that major development projects in Cyprus, such as the university campus, roads, and projects by the Electricity Authority and municipalities, were already funded or about to receive approval. Notable examples included the Museum, sewerage projects, CUT student residences, the University of Cyprus, and the new State Laboratory building.

Keravnos stressed that the green transition is a top priority for Cyprus, and he appreciated President Hoyer's assurance that the EIB, known as the "climate bank of Europe," would support Cyprus not only through loans but also by utilizing the expertise and experience of its staff. He revealed that a technical mission to Cyprus was planned to facilitate this cooperation and establish contacts with relevant government departments.

President Hoyer commended the achievements made by Cyprus since its accession to the EU and the active participation of Cyprus in the EIB. He expressed gratitude to the Cypriot authorities for their close collaboration with Lilyana Pavlova, the EIB Vice-President responsible for Cyprus. Pavlova's return to Cyprus in two weeks was anticipated, and Cyprus was recognized for its strong and constructive engagement as an EIB shareholder.

Moreover, during the meeting, Hoyer and the Finance Minister discussed the EIB's active involvement in Cyprus, future support for priority investments, and the bank's broader response to economic and trade shocks resulting from the war in Ukraine.

The EIB President highlighted that last year, the EIB Group allocated a total of €250 million for priority investments in Cyprus, making it the largest beneficiary of EIB support per capita in Europe. Additionally, the EIB's outstanding exposure to Cyprus amounted to approximately 10% of the country's GDP.

In addition, Hoyer emphasized the allocation of €150 million for urban regeneration projects across Cyprus, which would not only make communities greener but also boost the economy and improve people's lives. The EIB also provided €100 million in targeted business financing support for SMEs and MidCaps through the Cyprus Entrepreneurship Fund. Furthermore, the EIB supported the Ministry of Finance in establishing the Cyprus Equity Fund, the country's first private equity fund aimed at enhancing access to finance for start-ups and innovative companies, which will have a long-lasting impact on the Cypriot economy.

Regarding the war in Ukraine, Hoyer expressed gratitude to the EU member states and EIB shareholders, including Cyprus, for their support. He revealed that the EIB had approved and disbursed €1.7 billion of financial assistance to Ukraine and would disburse an additional €500 million in the coming weeks and months. Hoyer also mentioned the "EU for Ukraine" initiative and the creation of the EU-Ukraine Trust Fund to ensure the continuation of EU support for Ukraine.

Lastly, Hoyer stated that the EIB was committed to supporting countries affected by the war in Ukraine by providing financial and technical assistance. He assured that the bank was ready to support investments in Cyprus that would help mitigate the impact of economic shocks caused by the war.