Cyprus’ economic needs post-settlement discussed at meeting chaired by EBRD President

The potential economic needs following a settlement of the Cyprus problem were scrutinised during a high level meeting today in Nicosia, chaired by the European Bank of Reconstruction and Development Suma Chakrabarti.

The meeting was held on the sidelines of the EBRDs Annual Meeting that concludes today in Nicosia.

According to a press release issued by the bank, alongside the EBRD high level representatives of the European Commission, the World Bank, the International Monetary Fund, the European Investment Bank, the Council of Europe Development Bank and the United Nations were present.

The UN secretary-generals Special Envoy on Cyprus, the UN Special Representative Elizabeth Spehar, as well as the negotiators of the Greek Cypriot and the Turkish Cypriot sides, Andreas Mavroyiannis and Ozdil Nami, were also present and briefed the participants on their talks so far.

The meeting aimed to facilitate a better understanding and alignment of needs assessments made by individual organisation and discuss possible support for the economy of Cyprus following any successful outcome of talks to unify the island, EBRD said.

EBRD noted that during the private discussions, the international organisations shared assessments of the island’s economic needs and exchanged views on preliminary plans for assisting the private and public sectors in Cyprus.

They agreed that in the event of unification they will seek to coordinate support for the economy of the unified island and their plans for financial assistance and investment. It is recognised that following any unification, a great deal of help would be needed to support future needs, EBRD added.

Commenting on the meeting, Suma Chakrabarti, the EBRD President said he recognises that the talks between the two communities are not easy and there is a great deal still to discuss.

But todays meeting is a sign that should agreement be reached, the EBRD and other international organisations stand ready to provide technical, financial and political support within their respective mandates in order to help the island realise the huge economic potential related to reunification, he concluded.

The Republic of Cyprus has been divided since 1974, when Turkish troops invaded and occupied 37% of its territory. Anastasiades and Turkish Cypriot leader Mustafa Akinci have been engaged in UN-led talks since May 2015 with a view to reunite the island under a federal roof.

Source: Cyprus News Agency