EIB Group President Nadia Calviño inaugurates Cyprus office and outlines support for strategic investments in the country

 European Investment Bank Group President Nadia Calviño visited Cyprus today to inaugurate the EIB Group’s office in the country and exchange views with the Cypriot leadership on investment initiatives to address common policy goals, from energy to water management, housing, security and defence, and emergency response services.

The inauguration took place during Calviño’s first official visit to Cyprus in her capacity as president of the EIB Group. She met President Nikos Christodoulides and Minister of Finance Makis Keravnos to discuss shared priorities that will boost economic resilience and sustainable growth. She also toured the University of Cyprus (UCY) with UCY Rector Tasos Christofides and visited its library and engineering school, both of which were funded by the EIB.

“The new office in Nicosia reinforces our local presence in Cyprus, and opens a fresh chapter in our partnership,” said President Calviño. “The Cyprus office will serve as a hub where we can listen, engage and support local needs more effectively.”

Vice-President Kyriacos Kakouris, who is responsible for the Group’s activities in Cyprus, emphasised the ΕΙΒ’s commitment to expanding its presence in the country. He stated: “This step underscores our commitment to strengthening our collaboration with the Cypriot government, businesses, and citizens. By being closer on the ground, we aim to better understand local challenges, support transformative projects, and deliver more tailored financing solutions that drive sustainable growth and development in Cyprus."

The latest EIB Group agreements in Cyprus include backing for the modernisation of water management and transport and energy infrastructures, while main priorities going forward include affordable housing and facilitating access to finance for small businesses. The EIB has invested €5.6 billion in the country since 1981, fostering economic growth and social cohesion and improving people’s lives.

“Today we celebrate the opening of the new EIB Group office in Nicosia. This is a very significant moment for Cyprus and I am delighted to mark this milestone,” said Cyprus Finance Minister Makis Keravnos. The presence of the EIB in Cyprus is not only a symbol of the growing relationship between our island and the European Union but also a clear signal of EIB Group’s profound commitment in our country.”

The new office, located in the Cypriot capital and headed by Antonis Papageorgiou, will strengthen the EIB Group’s local presence and facilitate collaboration with partners and businesses on strategic priorities and financing opportunities.

Strategic Roadmap

The EIB Group’s Strategic Roadmap for investment aligns with Cyprus’s national priorities, focusing on areas such as climate action, infrastructure development and support for affordable and sustainable housing. Recent projects financed by the EIB Group in Cyprus reflect these goals.

As the financing arm of the EU, the EIB Group has been instrumental in supporting Cyprus’s efforts to move towards full compliance with the EU Urban Wastewater Treatment Directive. A total of €100 million in financing was provided last year to fund the preparation and construction of sewer networks and treatment facilities in the three largest cities in Cyprus - Nicosia, Larnaca, and Limassol. While improving service efficiency, the new operations will also have environmental and public health benefits such as preventing surface and groundwater pollution.

EIB Group financing for other Cypriot flagship projects includes €125 million for the Cyprus University of Technology (CUT) to build affordable student housing and upgrade campus facilities in the cities of Paphos and Limassol. The project involves the construction and renovation of over 81,000 square metres of academic and administrative space along with the creation of 703 living places for students. In Limassol, the upgrades will include a solar-power plant to provide renewable electricity, making the campus more energy independent.

The EIB Group’s work in Cyprus is also playing a crucial role in the development of the country’s venture capital (VC), equity and innovation ecosystem, supporting national efforts such as the Cyprus Equity Fund, the first of its kind in the country. This fund will support the development of the VC ecosystem with €30 million of equity financing managed by the EIF.

Additionally, the EIB has been actively involved in advisory services in Cyprus, expanding its already significant presence in the country by providing technical assistance to the public and private sectors in important infrastructure projects relating to the environment, transport, climate, digital innovation and urban development. Recent highlights of advisory support include assistance with the establishment of an improved organisational and governance structure as well as stronger industrial safety procedures for the Vasilikos Energy Centre. Advisory services also handled planning for the operation of the New Cyprus Museum, which is due to be financed by the EIB in 2025.

Background information

About the EIB and Cyprus

The European Investment Bank (EIB) is the long-term lending institution of the European Union. It finances investments contributing to EU policy goals. The EIB Group invested €257 million in Cyprus in 2023, supporting water management infrastructure, regional development and boosting economic resilience, while also enhancing environmental sustainability and improving quality of life.