Cyprus PIO: News Update in English, 99-05-04

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From: The Republic of Cyprus Press and Information Office Server at <http://www.pio.gov.cy/>

Tuesday, 4 May 1999

CONTENTS

• [01] European Investment Bank will continue to finance big projects in Cyprus
• [02] Minister of Justice attends Commonwealth conference
• [03] President Clerides' meetings

[01] European Investment Bank will continue to finance big projects in Cyprus

Speaking to the press afterwards, Sir Unwin said that with the President had an interesting and useful meeting during which they discussed the European Investment Bank's financial support of big projects in Cyprus.

In the past three years he explained Cyprus has received some 200 million euros for sewerage, water and electricity projects. Furthermore large loans have been given to the Cyprus Development Bank which were subsequently lend to small businesses.

Sir Unwin said that Cyprus has the highest per capita lending of any country the European Investment Bank (EIB) operates in relation to its population and that over the next three years as much as 400 million euros could be made available to local projects. He expressed the wish that the Bank will be able to help finance projects for water development, sewerage system in the capital Nicosia, the improvement at Paphos and Larnaca International Airports and major road projects.

He stressed that the restrictions on the capital market prevent the Bank from issuing bonds in Cyprus, as it does in other candidate countries to help them develop capital markets. He also pointed out that it is absolutely essential for Cyprus to remove the cap on interest rates, which will in return help the Cyprus economy.

The issue of bonds by the European Investment Bank in Cyprus pounds convertible into euros will be itself a significant boost to the standing of the reputation of the Cyprus market," he said.

[02] Minister of Justice attends Commonwealth conference

During the conference which is held every three years, topics relating to justice, principles governing the Rule of Law, Human Rights and co- operation on judicial issues will be discussed.

The Commonwealth Ministers will also examine strategies on how to promote the Commonwealth's fundamental values on proper administration, access to justice, abolishing corruption and the legal aspects of technological advancement.

[03] President Clerides' meetings

President Clerides also received the ex Chancellor of Germany Dr Helmut Schmidt, who was accompanied by the Cyprus Chief Negotiator for EU accession Mr George Vassiliou and the German Ambassador to Cyprus Mrs Marie- Gabriele Von Malsen- Tilborch.

From the Republic of Cyprus Press and Information Office (PIO) Server at http://www.pio.gov.cy/

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