EIB backs EUR 245 million of new energy and connectivity investment in 2020, including fibre-optic internet roll-out by Epic Telecom

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New European Investment Bank financing for priority investment in Cyprus last year totalled EUR 245 million.

2020 represented the fifth largest support for transformational projects in 40 years of EIB engagement in the country. This included support for new energy investment to reduce carbon emissions and help to reduce electricity bills, and backing for new investment to expand access to high-speed internet services.

Cyprus benefits from the largest EIB support, per capita, of any country in Europe with outstanding EIB exposure totalling EUR 2.7 billion, or 13% of national GDP.

The EIB’s annual results for Cyprus were confirmed earlier today during a virtual press conference, alongside the formal announcement of a EUR 19 million loan agreement with Epic to accelerate broadband network deployment.

Constantinos Petrides, Minister of Finance and EIB Governor, Kyriacos Kokkinos, Deputy Minister of Research, Innovation and Digital Policy and Lilyana Pavlova, EIB Vice President responsible for lending operations in Cyprus highlighted the impact of new EIB engagement and outlined the focus of future support. Thanos Chronopoulos, CEO of Epic and Martin Peronnet, CEO of Monaco Telecom, detailed the expected impact of new broadband investment in Cyprus and the benefits of increased connectivity seen elsewhere in Europe.

“The EIB has consistently been one of the most important and reliable partners of Cyprus for the past decades. The EIB’s continuous commitment to our country in times of crisis was once again evident as three of the measures announced by the Government to support the economy relate to EIB support. We therefore would like to ask the EIB to maintain its lending volumes at today’s level and keep supporting the public and private sector of Cyprus, as the country navigates through the financial and social implications resulting from the health crisis,” said Constantinos Petrides, Minister of Finance of the Republic of Cyprus and Governor of the European Investment Bank.