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.