Cyprus & World News

EBRD to decide on Cyprus funding next week

09 May, 2014

The European Bank for Reconstruction and Development said on Friday it will decide next week whether Cyprus should temporarily become a recipient of financing.
The bank said in a statement that the decision will be taken by the Board of Governors, representing the bank’s 66 shareholders, at its annual meeting in Warsaw on May 14-15.
Cyprus will be represented by Finance Minister Harris Georgiades.
“The Warsaw decision on whether to provide finance for founding EBRD shareholder Cyprus follows a formal request from the government made in February 2014. In asking for a change in its status, the authorities said a temporary engagement by the Bank would be a positive contribution to efforts to reform and restructure the Cyprus economy,” EBRD said.
According to the bank, it signed 97 projects in the first 4 months of 2014, compared with 72 in the same period in 2013. The total value of its investments reached €2.3 bln up until end-April, compared with a previous €1.4 bln.