EBRD to hold 2017 Annual Meeting in Cyprus
In March 2013, Cyprus became the fourth European Union member state to apply for a financial bailout under the European Financial Support Facility. The Cyprus financial crisis featured the liquidation of a systemic bank together with an emergency lending facility of EUR 10 billion for the Cyprus government. Subsequent to this, the EBRD announced plans to begin investing in Cyprus.
The EBRD is a multilateral investment bank owned by 65 governments together with the European Union and the European Investment Bank. Established in 1991 to aid the transition from planned to market economy, today the EBRD has operations in over 30 countries, ranging from Russia and Poland to Egypt and Morocco.
The EBRD’s operations in Cyprus began in October 2014 and to date include 5 completed investment and loan projects with EUR 158 million in cumulative investment. These include:
EUR 107.5 million equity investment in the Bank of Cyprus, for 5.021% shareholding
EUR 20 million equity investment in Hellenic Bank, for a 5.4% shareholding
The EBRD’s investment in the Bank of of Cyprus and Hellenic Bank are an important signal of the Cyprus economic recovery following the Cyprus economic crisis.
Other key EBRD activities in Cyprus include the Small Business Consulting line, which provides grants of up to EUR 10,000 to small Cypriot companies for investment planning, business restructuring and expansion. Philip Ammerman is an accredited SBC trainer and consultant, and will be leading one business development project for a Limassol-based company.
Navigator Consulting has provided investment consulting services to the EBRD and its clients since October 1999. Some of our key projects in this area include:
Flexible Plastic Packaging Due Diligence & Business Plan, € 75 million
We will be participating in the 2017 EBRD Annual Meeting in Nicosia, Cyprus, and look forward to meeting our clients and business partners at the event. Navigator has recently relocated its business headquarters to Cyprus.