Limassol: The European Investment Bank (EIB) has been recognized as a key partner in Cyprus’ economic transformation and growth by the President of the Republic, Nikos Christodoulides. The President emphasized the essential support provided by the EIB during times of crisis and the continuous reforms aimed at fostering economic growth.
According to Cyprus News Agency, President Christodoulides addressed the EIB Board Retreat in Limassol, highlighting the importance of European autonomy in security, economy, and trade. He noted the central role of the EIB in achieving this vision. For Cyprus, the EU’s last divided member state, the support of the EIB is particularly significant, having consistently backed the country’s reforms, recovery, and growth.
The ongoing collaboration with the EIB has bolstered Cyprus’ efforts to build a resilient economy with a focus on modernization, transparency, and accountability. Despite global challenges, Cyprus’ economy has demonstrated strength, with a GDP growth of 3.4% in 2024 and expected to surpass 3% in 2025. Public debt is projected to decrease to 58% of GDP by year-end, with further reductions anticipated by 2026. Unemployment has fallen below 4.9%, the lowest since 2008, and the country has secured investment-grade A-level ratings from all major agencies for the first time since 2011.
President Christodoulides lauded the EIB as a steadfast partner in Cyprus’ growth, with investments exceeding £5.7 billion. This makes Cyprus the largest per capita beneficiary among EU members. The EIB has supported major infrastructure, energy security, SMEs, and startups through flexible financing and expert advice. The Cyprus Entrepreneurship Fund and the Cyprus Equity Fund are notable initiatives that have expanded financing for small businesses and startups, respectively.
As Cyprus prepares to assume the rotating presidency of the Council of the EU in 2026, President Christodoulides acknowledged the responsibility and opportunity this milestone represents. The presidency will focus on defense, security, civil protection, migration, and border management, among other priorities. Simplifying EU procedures to facilitate business growth will also be a focus.
Negotiations on the EU’s long-term budget will be a central task during Cyprus’ presidency. The President emphasized the importance of the Multiannual Financial Framework reflecting the Union’s strategic vision. The EIB is expected to play an increased role in mobilizing funds for critical investments aligned with EU priorities.
President Christodoulides called for EU autonomy and decisive action in response to geopolitical instability and the pressures of green and digital transitions. He stressed the need for strengthened international partnerships, particularly with the Eastern Mediterranean and the Greater Middle East.
In closing, President Christodoulides reaffirmed Cyprus’s commitment to collaboration with the EIB on EU and national priorities such as security, defense, research, and innovation. He assured that Cyprus would remain a constructive partner in the European project.