European Investment Bank showed interest to support Cyprus’ economy and its President is expected to visit the island in early November, Minister of Communications and Works Tasos Mitsopoulos said Wednesday, after a meeting with a delegation of the Bank in Nicosia.
"We were told that the President of the EIB will visit Cyprus in early November, possibly on November 8 and we were also informed that there is interest in supporting the (island’s) economy," Mitsopoulos said.
An EIB delegation visited Wednesday afternoon the Ministry of Communications and Works and was briefed on the developmental projects of the Ministry in progress, as well as those planned.
Mitsopoulos said that the delegation considered it necessary to pay the Ministry a visit amid the difficult economic situation Cyprus faces, as it is the main developmental Ministry.
"We presented in detail our vision for the completion and maintenance of viable road networks but also for other ambitious projects," the minister said. He added that they presented the total work produced by the Ministry and the main objectives and priorities set for the next few years.
The EIB delegation was understanding, he said, adding that "we expect that with the continuation of our cooperation we will be able to secure additional funding to implement some major developmental projects and infrastructure."
He expressed the bilief that with good preparation the Ministry can secure funding for some of the projects that will boost the island`s economy and create jobs.
Mitsopoulos assured that there is a very good cooperation with the EIB and expressed the view that there are prospects to continue and reinforce this cooperation.
Excluded from international capital markets since April 2011, Cyprus applied for financial assistance from the EU bailout mechanism, as its two largest banks, Bank of Cyprus (BoCY) and Cyprus Popular Bank (CPB) requested state support following mammoth losses as a result of the Greek sovereign debt haircut.
In late March, the authorities and the Troika (EC, ECB, IMF) agreed on a €10 billion financial assistance package which featured an unprecedented haircut on uninsured deposits to recapitalize BoCY, whereas CPB was wound down.
