EBRD to invest in Cyprus

The European Bank for Reconstruction and Development said on Thursday its shareholders had voted to allow Cyprus to receive investments from it for a limited period while approving Libya as a full-fledged bank member.

The EBRD, holding its annual meeting in Warsaw, voted to provide up to 700 million euros of financing to Cyprus over the next six years.

It said in a statement that investments were «most likely for a limited period, to help the country overcome transition challenges that have emerged during its severe economic crisis».

The bank, set up in 1991 to invest in the ex-Communist countries of emerging Europe, has been expanding its mandate to North Africa and Middle East and on Thursday it said Libya had become a member state, a first step towards receiving investments.

The country had sought EBRD membership in 2013. [Reuters]