EBRD to start on Cyprus privatization "soon"

Focused on privatization, financial and corporate sector the European Bank for Reconstruction and Development`s (EBRD) activates in Cyprus very soon, Managing Director of the Bank Jean-Marc Peterschmitt has said.

Speaking Friday, after a meeting a delegation of EBRD had with President of the Republic Nicos Anastasiades, Peterschmitt said that EBRD is very pleased to now be active in Cyprus after a decision that was taken three weeks ago at our shareholders meeting in Warsaw.

“We want to gear up and set ourselves up very quickly. We have appointed a new Head, who will be residing and leading our office here that we will set up very quickly, Mr Libor Krkoska, who is going to be our head of Office in Cyprus and we really now want to implement our priority which is really private sector focused, privatization, financial sector, corporate sector”, he said.

Peterschmitt pointed out that they are very encouraged by what they have seen this week. “There’s been a lot of progress. I think the government is on track with the reform program but there remain many challenging issues and mobilizing private sector investment is really going to be our main objective and hopefully we can play a role by being a signal of regaining confidence in the economy here,” he concluded.