Cyprus government aims to attract foreign investments

The efforts made by the government aim to make Cyprus an ideal place for foreign investments which will have a positive effect on the overall Cypriot economy, Government spokesman Stephanos Stephanou has said.

Stephanou was speaking after Thursday’s Council of Ministers meeting.

He was asked to comment on the investment projects the Executive Vice Chairman of Marfin Popular Bank Andreas Vgenopoulos announced yesterday after his meeting with the President of the Republic Demetris Christofias.

Noting that a relative provision on the issue is included in President’s Governmental Program, he said that the efforts of the Government aim to make Cyprus an attractive place for foreign investments which will have positive effect on our economy.”

Asked whether the president discussed the issue of interest rates with Vgenopoulos during their meeting, Stephanou said that the Government and the President as well, they discuss these issues with all parties involved in Cypriot economy.

The Executive Vice Chairman of Marfin Popular Bank Andreas Vgenopoulos informed yesterday Cyprus President Demetris Christofias about the readiness of the Bank to proceed with a series of investments and movements that will help both the Cypriot economy and Marfin Popular Bank shareholders.

In statements following the meeting, Vgenopoulos said that Marfin Popular is ready to invest an amount of 100 million euro to renovate and expand Hilton Hotel in Nicosia as well as to undertake an initiative for the immediate construction of the marina in Limassol.

He added that these projects will contribute to the creation of job positions as well as refinancing Cyprus’ public dept for 2009 in very favorable lending terms.

Referring to the world financial crisis, he pointed out that “it is not the time for words but for actions”.