Hoyer: Positive outlook for investment plans

July 14,2016

European Investment Bank President Werner Hoyer, gives a positive outlook on his Bank’s future and present involvement in post-program Cyprus and recession- struck Greece.

In interview with the Cyprus News Agency (CNA), is explaining projects and new financing tools.
Hoyer comments also on the reunification issue, as a German who lived the reunification of his own country.

The EIB President estimates that the exposure of the Bank in Cyprus is proportionally very high, reaching 16% of Cyprus GDP, contributing decisively to the “success story” of the economy, mainly through restructuring of SMEs in the wake of the collapse and restructuring of the banking system three years ago. Werner Hoyer reveals that he has recently cancelled a scheduled working visit to Nicosia, due to the wildfires, but renewed the appointment for September, when there will be a review of the EIB cooperation with the Cypriot authorities.

He noted that among the projects that the EIB has supported are two pumping stations in Larnaca , the alternative water supply project in Nicosia , a research and development center, the University of Cyprus and the Cyprus Institute of Neurology and Genetics.

At the same time, Hoyer notes that he is optimistic on the reunification process and refers to it as one ” huge stabilizing factor for the whole region – not only in relation to national interests .”

The EIB president states that the Bank will not be affected by the Brexit, maintained its AAA credit assessment and that it is now up to the Member States to decide what to do with the percentage of Britain `s share in the banks capital after the withdrawal – appearing confident that nobody in the EU has an interest in weakening the Bank . He notes, however, that the greatest adverse consequences will fall on the British people , who , as he says, did not realize what they have voted.

Finally Werner Hoyer , made an extensive reference to the Greek economy , highlighted the ability of the Greek government to pass the necessary legislation bills through the parliament , hopes for rapid and successful completion of the next review , attributes investment difficulties in the badly put together Greek regulatory framework , but also appears optimistic about the future of the country’s economy , where EIB is going to chip in as well.