WARSAW – The European Bank of Reconstruction and Development is to operate in Cyprus, Finance Minister Haris Georgiades on Thursday announced on his Twitter account from the Polish capital.
“The EBRD is deciding to launch operations in Cyprus,” wrote Georgiades who is participating at the annual general meeting of the international bank.
Nicosia’s official proposal towards EBRD was submitted in February 2014.
Tthe island will become the first of the eurozone bailout countries to get EBRD aid.
An investment from EBRD would boost confidence in BoC and bring expertise to the troubled lender.