BUSINESS

EBRD to end mandate in Cyprus in 2020

TAGS: Cyprus

The European Bank for Reconstruction and Development (EBRD) said on Thursday it will end its engagement in Cyprus at the end of this year after completing a six-year mandate in which it invested about 600 million euros. 

The end of the EBRD’s mandate means the bank will stop investing in new projects on the island but will continue to manage an existing portfolio.

The bank contributed to the recovery of the Cyprus economy, which faced severe headwinds after the 2008 global financial crisis.

It strengthened the capital base of the Bank of Cyprus and Hellenic Bank through equity investments, and supported small and medium-sized businesses.

[Reuters]

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