Governor Wenzel meets with Cypriot President, receives CIPA award for CEB contribution to Cypriot economy
19 June 2018
On 18 June, the Governor was received by President Nicos Anastasiades at the Presidential Palace in Nicosia, with whom he had an exchange of views on current developments in Cyprus and Europe of relevance to the Bank. Governor Wenzel also provided an update to President Anastasiades on ongoing CEB operations in Cyprus.During his official visit, the Governor also attended meetings with other government officials, including the Minister of Finance Harris Georgiades, the Minister of Foreign Affairs Nicos Christodoulides, the Permanent Secretary of the Ministry of Labour, Welfare and Social Insurance Christos Malikkides as well as with the Mayor of Nicosia Constantinos Yiorkadjis.
Today, Governor Wenzel received on behalf of the CEB a CIPA award for the Bank’s contribution to the economy of Cyprus, during a ceremony that took place at the Hilton Park in Nicosia.
“This award is an honour for the CEB. It comes in recognition of the close, long-standing partnership that the Bank has had with Cyprus for over half a century now. During this time, we are proud to have financed projects with a high social impact in a variety of sectors, benefiting the public infrastructure, tourism industry and education on the island and making a lasting contribution to the social and economic development of Cyprus,” said Governor Wenzel after the ceremony. “I thank the CIPA for this award and look forward to continuing the excellent cooperation with Cyprus,” concluded Governor Wenzel.Since joining the CEB in 1962, Cyprus has had 34 loan requests approved amounting to €2.3 billion. The areas which have benefited most from CEB lending are the construction and rehabilitation of public infrastructure, education and the protection of the environment.
Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AA+ with Standard & Poor's, outlook positive and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.