Nicosia: The Cabinet brought into force the law establishing the Cyprus Business Development Organization (CBDO) and appointed the Board of Directors, Finance Minister Makis Keravnos announced Thursday following the first meeting of the newly reshuffled Cabinet.
According to Cyprus News Agency, the new organization's mission is to improve access to financing for small and medium-sized enterprises (SMEs), startups, and self-employed professionals, while also addressing financing gaps identified in the market. "The government continues to implement its policies, commitments, and announced initiatives with consistency and determination," Keravnos said.
The Minister recalled that the relevant bill was submitted to the House of Representatives and passed on 14 July, while today's decision set the date on which the legislation officially comes into effect. He further said that the Cabinet appointed the organization's seven-member Board of Directors, consisting of five members appointed by the Cabinet upon the recommendation of the Minister of Finance, including the Chairperson and Vice-Chairperson and two ex officio members representing the Ministry of Finance and the Deputy Ministry of Research, Innovation and Digital Policy.
Michalis Kammas was appointed as Chairperson, Stelios Theofanous is the new Vice-Chairperson. The other Board Members are Philippos Hadjizacharias, Marinos Lambrianides, and Andreas Isodiou. The two ex officio Members are Aliki Sergi (Ministry of Finance) and Konstantinos Kleovoulou (Deputy Ministry of Research, Innovation and Digital Policy).
Keravnos noted that the Board has significant responsibilities ahead, including establishing the organization's internal structure and appointing the heads of its various departments.