EBRD to decide on Cyprus funding next week

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.