The EBRD welcomes you to Cyprus

28 Mar 2017

Cyprus hosts our 2017 Annual Meeting and Business Forum

Cyprus is one of the cradles of civilisation with some of the earliest sites of human activity going back to the 10^th millennium BC.

Since the first settlements, the island has been a place where people, cultures and commerce meet. Geographically located in the Eastern Mediterranean and facing the Middle East, Cyprus has always flourished with a multitude of influences.

Building on this tradition of openness and hospitality the EBRD is immensely proud to hold its 2017 Annual Meeting and Business Forum in Cyprus. The event will offer Cyprus the opportunity to demonstrate to representatives of 67 shareholder countries and up to 2,000 participants from governments, businesses, civil society and media, the attractiveness of the island as a place for business and more.

At the same time it will demonstrate what the EBRD can offer.

Cyprus is a founding member of the Bank. We started investing in the country in 2014 at a time when the island was in the grip of a severe economic and financial crisis. Since then we have been able to deliver through investments, but also with policy dialogue and advisory services.

To date, we have invested almost €220 million in the financial sector, trade finance, transport infrastructure and renewables.

Today we are pleased that Cyprus has returned to strong and sustainable growth and to see how the hard work of the authorities and its courage in pursuing painful, yet necessary, reforms is bearing fruit.

Important progress has been made, but the key challenge of an unsustainably high ratio of non-performing loans remains.

The Annual Meeting will provide an opportunity to promote the role of Cyprus in the region, where it is actively participating in intensifying regional cooperation and where it contributes to regional stability and reconciliation.

The EBRD is coming to Cyprus at a moment of severe geopolitical, economic and social turbulence. Our Annual Meeting will provide an opportunity to take stock and discuss answers to global challenges.

As the concept of globalisation has come under scrutiny we believe what is needed is not less, but better globalisation. This is captured in our theme “Targeting Green and Inclusive Growth”.

Holding our Annual Meeting in Cyprus, we wish to convey a message of support for the island’s economic development as well as of encouragement for the process of reconciliation and the eventual reunification of the island.

Our presence is also an affirmation of our commitment to Cyprus and our readiness to support efforts to bolster its economic development for the benefit of all communities of the island.

Cyprus demonstrated active solidarity with the EBRD’s countries of operations when the Bank was established. The past years have been an opportunity to reciprocate.

Sabina Dziurman is the EBRD’s Regional Director Cyprus and Greece