Cyprus Church to use HB, VCW stakes in welfare fund for priests

— Seeks CYP 100 mln (EUR 171 mln) investment in photovoltaic power

 

Significant stakes held by the Church of Cyprus in Hellenic bank and Vassiliko Cement Works, as well as the return on a major investment in photovoltaic power generation, will be used to establish a welfare fund for the clergy.

Archbishop Chrysostomos II revealed during the swearing-in of National Guard conscripts on Friday that he wanted to realize Makarios III’s dream to create such a fund that would help the priests financially and assist in raising the awareness and reputation of the Church in general.

This plan falls under the new primate’s declarations that he would reform the Church and all its related investments in order to achieve a greater yield from its finances as well as from human resources.

He said that the enormous task of rebuilding society after the 1974 Coup and the subsequent Turkish invasion, as well as Makarios’ death in 1977 prevented such an ambitious task from materializing.

The archbishop also told reporters that priests in rural low-income areas will no longer need to rely on state grants, but will receive regular wages from the new fund, as will all priests of Cyprus.

The new fund will start operating on January 1, 2008 and will receive an injection of 10% of the dividends to be received from the two public companies where the Chucrh has a significant stake.

However, the biggest part of the new fund will come from a multi-million investment reportedly worth CYP 100 mln (EUR 171 mln) in the energy sector using photovoltaic panels.

The government has an incentive scheme whereby any independent power producer using alternative sources of energy (wind, solar, LNG) may sell electricity back to the state-owned Electricity Authority (EAC) at a pre-determined price in order to relieve the strain on the national grid.

The government also encourages investments in the alternative energy sector by subsidizing the initial cost of purchase and set-up of such power generating units.