Cyprus economy has made huge progress but there is still a lot to be done, says EIB Chairman

The Cyprus economy has made huge progress but there is still a lot to be done, said European Investment Bank President, Werner Hoyer, after talks with President Nicos Anastasiades, pledging that the EIB will continue increasing its business on the island.

Speaking to the press after meeting with the President, Hoyer said it was “a very good opportunity to exchange views” where they discussed the recent developments in the EU and in Cyprus and “celebrated the closure of the books of last year”.

Hoyer said the EIB has been “more active in Cyprus than ever”, exceeding its target by 30 million reaching 230 million euros in Cyprus, noting it was a “very good year” and in addition within the framework of the Juncker investment plan for Europe “in the last year we had the first big programme in Cyprus. Cyprus is now one of the all 28 countries in which the Juncker plan is active”.

Invited to comment on the course of the Cyprus economy, Hoyer replied that “obviously the rate of unemployment is still much too high, this is obvious but the situation is recovering well.”

Cyprus, he said, “has made huge progress and this is due to the resolve and the courage of the Cypriot people and they have gone through suffering for many years and its paying off now”.

From this point of view, he said, he is “quite happy but on the other hand I must say there is still a lot to be done and we are ready to do so”.

The EIB chairman said the bank has been in Cyprus since it entered the EU, went through the financial crisis, “we stayed during the crisis and we will stay after the crisis and even continue and increase our business”.

The President of EIB and the Permanent Secretary of the Ministry of Finance Christos Patsalides are due to sign an agreement with the Hellenic Bank on the financing of small and medium-sized enterprises (SMEs) and mid-caps for the amount of Euros 50 million.

Source: Cyprus News Agency