Cyprus "supports efforts to relieve the people of Ukraine" as the country faces military invasion by a third country, a situation Cyprus is particularly sensitive to, Finance Minister Makis Keravnos said after the Economic and Financial Affairs Council of the EU (Ecofin) held on Tuesday.

In his remarks, Keravnos also referred to the discussion on the Capital Markets Union that took place on Monday during the Eurogroup meeting. Keravnos stated, "We discussed issues related to the competitiveness of the European economy and identified the need for additional investment in innovation, digital transition, and human resources."

During Tuesday’s meeting, the 27 Finance Ministers of the EU endorsed Ukraine's National Reconstruction Plan in the presence of Ukraine's Finance Minister, Serhiy Marchenko, via videoconference. The adoption of the plan paves the way for the disbursement of regular payments by the EU under the Facility for Ukraine, which includes up to €50 billion in loans and financing for the country until 2027.

In his remarks after the meeting, Keravnos noted that the member states confirmed their support for Ukraine, which "is being subjected to a military invasion by a third country." He added, "Cyprus supports the efforts for the relief of the people of Ukraine," who "are bearing the burden of this invasion, for which we as Cyprus are particularly sensitive," as "we too are the victim of an invasion and military occupation by a third country."

Referring to Monday’s discussions during the Eurogroup meeting, Keravnos said the ministers discussed economic and fiscal developments, noting, "There is greater optimism despite the fact that there is a lot of uncertainty due to geopolitical developments."

The Eurogroup also discussed capital market integration, Keravnos noted, stressing that this is "an issue that Cyprus supports and an issue that will release funds to promote growth for the benefit of the member states' economies."

According to the press release, the Finance Ministers of the 27 Member States discussed the next steps for deepening the Capital Markets Union, exchanging views on national measures being implemented, and adopted a roadmap for future discussions based on the leaders' mandate to intensify work.

In his intervention, Keravnos noted that Cyprus continues to support all efforts contributing to the development of a competitive capital market that ensures financial stability and resilience.

In this context, he reiterated support for advancing the targeted measures agreed upon in the March 2024 Eurogroup Statement, following an impact analysis by the EU, including the integration of capital markets supervision within the EU.

Keravnos also briefly mentioned the national initiatives implemented by Cyprus to promote the deepening of the Capital Markets Union, emphasizing the implementation of the national strategy for improving financial literacy. Finally, views were exchanged on ways in which investment in research, innovation, and human capital can improve the competitiveness of the EU economy.