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Major development projects in Cyprus

10/02/2015 20:23
A total of 18 major development projects have been presented to around 40 internationally renowned investors during the Cyprus Investors summit 2015 held on Tuesday in the southern coastal town of Limassol.

The Summit was organized for the first time by the Cyprus Investment Promotion Agency (CIPA) under the auspices of the President of the Republic of Cyprus Nicos Anastasiades, who yesterday addressed delegates at an official dinner.

The Summit has attracted global institutional investors, fund managers, industry leaders and policy makers to learn and be informed about the vast investment opportunities that Cyprus has to offer in Large Scale Projects.

Finance Minister Harris Georgiades, who was one of the keynote speakers of the Summit, briefly outlined the economic developments of the recent years in Cyprus, noting that things with regard to the Cypriot economy have improved significantly and the foundations have been laid for a more sustainable growth model.

He said that thanks to the measures taken by the Government, the overall fiscal deficit and excessive deficits for 2014 have been eliminated. “Some referred to this as austerity. I call it a balanced budget. And this of course reflects positively on the overall public debt which is now on a downward path. "

He stressed "this combination of economic recovery and fiscal consolidation has also been instrumental when it comes to meeting yet another key policy objective which is the restoration of international confidence and sustainable access to international capital markets."

Georgiades said that the perception that fiscal consolidation always leads to a deepening recession and rising unemployment is incorrect. In fact, he added, we have showed that economic recovery does not always require a continuous increase of public spending.

As he said, instead of dealing with the "austerity or growth" dilemma, "we would be more productive if we ensure that fiscal consolidation and economic growth go hand in hand”

"We are determined to continue in this direction," he concluded.

In his address, Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis presented the developments and prospects in the field of tourism and energy and strategic government planning for economic development.

Lakkotrypis said that there are investors who demonstrate interest to invest in different sectors of the economy while he expressed the belief that 2015 will be a year of growth.

He expressed the hope that efforts would yield results and foreign investments would come to Cyprus.

John Hourican, CEO of Bank of Cyprus and among the speakers of the Summit, stressed that the Bank of Cyprus is ready to support the projects that will be presented in this Investors’ Summit, serving not only the economy of Cyprus itself, but also your own efforts to gain a meaningful foothold in a country that remains full of promise as its leaves this unprecedented crisis behind it.

Hourican stressed that “this Investors’ Summit marks the point of flux for opportunity in Cyprus. More stable, with maturing conditions, and a stable recovery, the island can now talk about future prospects without being haunted by past events. We are now only looking forward”.

Recapitalization of the Bank of Cyprus, following a €1 billion share capital increase in August 2014, marked a tangible “seal of approval” for the path towards economy`s overall recovery, Hourican has said. In the largest FDI inflow in the country’s history, we attracted world class investment, driving home the bank’s own recovery from the events of last year, but also securing that Cyprus is now on a recovery path from which it cannot, and will not, stray.

He added that the Group employs 6.639 staff worldwide and operates through a total of 262 branches, of which 126 operate in Russia, 130 in Cyprus, 1 in Romania, 4 in the United Kingdom and 1 in the Channel Islands. Bank of Cyprus also has representative offices in Russia, Ukraine and China.

CIPA Director General Charis Papacharalambous, CIPA Chairman Christodoulos Angastiniotis, Governor of the Central Bank of Cyprus Chrystalla Georghadji, Privatisation Commissioner Constantinos Herodotou, Director of the Wealth, Brokerage and Asset Management at the Bank of Cyprus Costas Argyrides and President of the Cyprus Investment Funds Association (CIFA) Angelos Gregoriades were also among the speakers of the Summit.