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CEB may fund projects in Cyprus

16/09/2015 18:29
Cyprus President Nicos Anastasiades and Council of Europe`s Development Bank Governor, Rolf Wenzel, agree that the bank could explore the possibility of funding projects aiming at boosting growth in Cyprus.

Wenzel, who is visiting Cyprus, was received by President Anastasiades on Wednesday. According to an official press release, Anastasiades and Wenzel discussed the course of the Cypriot economy and exchanged views on the social challenges currently facing Europe.

During the meeting they underlined the positive course of the local economy along with the restoration of financial stability and the return to positive growth rates, creating prospects for the funding of development projects.

“In this context, it was agreed that the possibilities for the bank to fund a number of development projects, announced recently by the government, should be explored,” the press release noted.

Furthermore, President Anastasiades briefed Wenzel on the course of the UN-backed talks for a solution to the Cyprus problem. In this regard, reference was made to the significant role the bank could play in financing the financial aspects of the Cyprus settlement in case a solution to the Cyprus problem is found.

Cyprus has been divided since 1974 when Turkey invaded and occupied its northern third. UN-led talks, aiming to reunite the island under a federal roof, resumed on May 15, this year.