- The opening of the office will facilitate support to local projects, engagement with stakeholders and businesses.
- Opening discussed at meeting between President Calviño and Cyprus Finance Minister Makis Keravnos, and approved by EIB’s Management Committee.
The European Investment Bank Group (EIB Group) will open an office in Nicosia, bolstering its presence in Cyprus, and further expanding its network of external offices across the European Union. The opening was discussed during the meeting of EIB Group President Nadia Calviño and the Finance Minister of Cyprus, Makis Keravnos, on the margins of the EIB Board of Governors meeting in Luxembourg, on June 21.
It is expected that the new office will be inaugurated later this year at the Cypriot capital. It will facilitate engagement between the EIB Group and local stakeholders, businesses, and public sector entities, thus underpinning investment decisions and the provision of advisory services.
“I am looking forward to inaugurating the new EIB Group office in Nicosia later this year, which will help us deepen our excellent cooperation with local authorities and strengthen our engagement with Cypriot businesses as well,” President Calviño said. “Investments by the European Investment Bank Group are rooted locally, and they have a transformative impact for local economies throughout the EU, improving people’s lives, including in Cyprus.”
Cyprus consistently ranks among the biggest beneficiaries of EIB Group financing compared to the size of its economy, with €257 million in new commitments signed last year. The EIB has worked in Cyprus since 1981, financing 82 projects totalling €5.5 billion over this period, including key infrastructure and educational facilities.
“This is an important moment for Cyprus, as the office will offer direct support to our economy from EIB staff on the ground, while we will benefit from technical and advisory expertise for the preparation and execution of projects,” Cyprus’s finance Minister Keravnos said. “I would like to thank President Calviño and the EIB for making this happen.”
Recent EIB Group investments in Cyprus include €100 million in financing for wastewater treatment in Nicosia, Limassol and Larnaca, as well as a substantial commitment from the European Investment Fund (EIF) to support the country’s first publicly supported venture capital fund.
“The EIB has been one of the most reliable investors in Cyprus over the past decades, supporting sustainable growth, innovation, and competitiveness across every sector of the economy,” EIB Vice President Kyriacos Kakouris said. “As first EIB Vice-President from Cyprus, I am glad to see the EU Bank’s local presence expanded in the country, with the new office affirming our commitment to boost the Cypriot economy in the years to come.”
Background information
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.
The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400,000 companies and 5.4 million jobs.
All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil-fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.
Approximately half of the EIB's financing within the EU is directed towards cohesion regions, where per capita income is lower. This underscores the Bank's commitment to fostering inclusive growth and the convergence of living standards.