The European Bank for Reconstruction and Development said Friday it will decide next week whether Cyprus should temporarily become a recipient of financing.
The Bank said in a press release that the decision will be taken by the Board of Governors, representing the Bank’s 66 shareholders, at its Annual Meeting in Warsaw on 14-15 May.
Cyprus will be represented by its Finance Minister Harris Georgiades.
“The Warsaw decision on whether to provide finance for founding EBRD shareholder Cyprus follows a formal request from the government made in February 2014. In asking for a change in its status, the authorities said a temporary engagement by the Bank would be a positive contribution to efforts `to reform and restructure the Cyprus economy`” EBRD said.
According to the press release, the Bank signed 97 projects in the first 4 months of 2014, compared with 72 in the same period in 2013. The total value of its investments reached €2.3 billion up until end-April, compared with a previous €1.4 billion.