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EIB To Open Offices In Cyprus: A Strategic Move For Economic Engagement

by THEFUTURE.TEAM

The European Investment Bank (EIB) is set to inaugurate its offices in Cyprus this autumn, marking a significant step in enhancing its presence and operations within the region. This development follows an agreement between EIB President Nadia Calviño and Cypriot Finance Minister Makis Keravnos. The decision aims to foster closer collaboration with local stakeholders, bolster support for regional projects, and streamline advisory services.

Minister Keravnos highlighted the strategic importance of having EIB executives stationed locally. Initially, these executives will operate from the Ministry of Finance until permanent premises are established. This move underscores the EIB’s commitment to understanding and addressing the specific needs of Cyprus’s economy and society.

Nadia Calviño emphasised the transformative impact of EIB investments on local communities across the EU, including Cyprus. Recent EIB investments in Cyprus include substantial funding for wastewater treatment projects and support for the country’s first publicly supported venture capital fund. Since 1981, the EIB has financed 82 projects in Cyprus, totalling €5.5 billion, with recent commitments worth €257 million.

The new office in Nicosia is expected to facilitate more direct support from EIB staff and leverage their expertise for project preparation and execution. This initiative aligns with the EIB’s broader mission to promote sustainable growth, innovation, and competitiveness within the Cypriot economy.

EIB Vice President Kyriacos Kakouris, the first Cypriot in this role, expressed optimism about the new office’s potential to boost the local economy. The EIB’s expanded local presence reaffirms its dedication to fostering economic development in Cyprus, ensuring that the benefits of EIB’s investments are maximised for the country’s future prosperity.

Only 1% Of Cyprus Farms Use Precision Farming Technologies

by THEFUTURE.TEAM

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.

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