European Investment Bank (EIB) President Werner Hoyer will pay an official visit to Cyprus on November 6 to establish and operate the first Capital Financing Fund on the island (Cyprus Equity Fund).
Hoyer will be received by President Nikos Christodoulides as his tenure at the EIB comes to an end.
A Ministry of Finance statement said the Cyprus Capital Financing Fund will invest mainly in start-up and innovative Cypriot companies, aiming to cover the financial gap in the market concerning financial products of an equity nature.
The final amount of the Fund may rise to €37.5 million.
The Financing Agreement provides for a state contribution to the Fund, amounting to €27 mln, financed primarily by the Cyprus Recovery and Resilience Plan and from refunds of financial instruments of previous programming periods (JEREMIE initiative).
In April 2022, the ministry signed a Financing Agreement for delegating the Management of the Cyprus Equity Fund to the European Investment Fund.
“Delegation of the management of the Fund Manager selection process and the monitoring of the operation of the Fund by the EIF ensures, to the maximum extent possible, the successful operation of the Fund in the direction of the objectives determined.”
Hoyer will be accompanied by other officials of the EIB, including the newly appointed Cyprus Vice President of the EIB, Kyriakos Kakouris, and the European Investment Fund.