EBRD’s impact on Cyprus quite visible, says Chair of the Board of Directors

Pierre Gramegna, the European Bank of Reconstruction and Developments Chair of the Board of Directors, said on Wednesday that the Banks impact on Cyprus is quite visible and that EBRD is on track with what was envisaged in Warsaw in 2014, when the annual meeting of the Governors approved to launch an activity in Cyprus.

I must say the EBRD has delivered substantial projects and has had an impact that is quite visible. The amount of projects that have been financed by the EBRD are closed to 200 million euro and we are here on track with what was envisaged Cramegna said speaking at the EBRD’s Annual Meeting, taking place in the capital of Cyprus, Nicosia.

He said that the success of the relationship comes also through the fact that it has been possible to build on the relationship with the private sector and noted that the Bank is supporting over 60 business advisory projects to help SMEs, while there are more of these projects in the pipeline.

He noted that the EBRD has helped to achieve a 20% increase in solar powered electricity generation by investing in five photovoltaic plants across the island.

We have all witnessed Cyprus recent economic recovery and obviously at European level we have been very impressed by the economic performance but also the implementation of the EU programme Gramegna said.

Speaking on the theme of the 26th annual meeting Targeting green and inclusive growth � meeting regional and global challenges, he said that we have learnt many lessons over the last year about the pressures and inequalities that many societies feel and noted that the EBRD is very well equipped to create the conditions that can bring about sustainable and inclusive growth across all its countries of operations.

Through its first economic inclusion strategy to be launched tomorrow, the EBRD will deepen and strengthen its distinct private sector led inclusion approach to support its clients in addressing business challenges, such as skill mismatches or low work force diversity in order to create roots into training, jobs and entrepreneurship Gramegna pointed out.

The primary target groups for this new strategy, he said, will be the young, labour market entrance on one hand, women and people in less advanced regions and potentially other groups that experienced disproportionate barriers across the Banks recipient countries.

Source: Cyprus News Agency