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Governor of the Council of Europe Development Bank (CEB) Rolf Wenzel said that there’s a clear consensus by international financial institutions that the benefits of a solution in the Cyprus problem will be much higher than the costs. 

Referring during a press conference in Nicosia, to his participation last month in a meeting on the economic aspects of Cyprus reunification initiated by EBRD that brought together international financial institution such as EBRD, the World Bank, the IMF and the European Commission, he said that the meeting discussed what kind of demands could fall on the international community, on the country and the Government of Cyprus in case of reunification. 

“Obviously, you will have to make a very thorough analysis of the needs in the two communities in the country, leaving of course the Property issue, which is a very delegate and sensitive issue”, he said, clarifying that he was not party of any discussion on this. 

“But leaving that point aside, there was a consensus emerging from that discussion. The immediate costs and benefits, like infrastructure investment were not very high when you look at numbers, but the benefits for tourism, investments coming to the island, I think this is clear of what the international community is looking forward, waiting to come back to Cyprus with investments in Famagusta for example, in the tourism sector…”, he said. 

He also said that is not only CEB but everybody is ready to come and finance projects. He said however that they need to have a better understanding of what is needed, which as he said is a matter of question on what the local communities actually want. 

Wenzel also underlined that the CEB has been and will continue to monitor the ongoing talks on the reunification of the island. 

“I think that if that happens it will be very positive development for the communities of the island. I expressed again to the Government officials and the politicians in Cyprus that we stand ready to support the country in case of reunification and to make reunification really a success”, he stressed. 

CEB will have its annual meeting in Cyprus starting on Friday that will be opened by the President of Cyprus Nicos Anastasiades. 

The Bank will also sign, Saturday, the first disbursement of a loan of 32 million with the University of Cyprus, meant to finance the extension of the University. 

Speaking about the social projects the Bank is financing in Cyprus, Wenzel said the CEB finances projects in Nicosia’s city center, to finance the renovation of some buildings, pavements, rain water drainage systems, as well as in other cities which are center for tourism. 

He also said that he met and will continue to meet with Government officials and is in constant discussions to identify with the locals new projects that we could finance. On Saturday, the bank’s shareholders will visit some of these projects. 

Founded in 1956 by eight countries (Belgium, France, Germany, Greece, Iceland, Italy, Luxembourg and Turkey), the CEB has now 41 member countries. Cyprus joined the CEB in 1962. The Bank finances social projects, which provide, inter alia, affordable housing to low-income families, revitalize urban and rural areas, address the consequences of natural and ecological disasters, support job creation and preservation, and facilitate the integration of migrants and refugees. 

Since Cyprus became a member of the institution, the Bank finances 34 social projects, worth close to €2.5 billion.  

Sourse: Stockwatch