President Nikos Christodoulides on Tuesday praised the European Investment Bank (EIB) as a crucial and steadfast partner for Cyprus, while highlighting the country’s resilient economic growth and rapidly falling public debt. Speaking at an EIB Board Retreat in Limassol, the President outlined his vision for European autonomy and detailed Cyprus’s priorities for its upcoming EU presidency.
A Resilient Economy and Fiscal Responsibility
Christodoulides presented a strong picture of the Cypriot economy, noting that GDP is expected to grow by over 3% in 2025, following 3.4% growth in 2024, placing it among the EU’s top performers despite global turbulence.
He emphasized the success of the government’s fiscal discipline, pointing out key achievements:
- Public debt is projected to fall to 58% of GDP by the end of 2025 and is on track to reach 42-43% by 2026.
- Unemployment has fallen below 4.9%, the lowest level since 2008.
- The country has secured A-level investment-grade ratings from all major agencies for the first time since 2011.
“This is the path we will continue walking as Government: of fiscal responsibility and stability,” the President stated, adding that a strong economy is the only way to implement effective social policies.
The EIB’s Crucial Role in Cyprus
The President credited the EIB as an “enduring partner” in the country’s success. With investments of more than €5.7 billion, Cyprus is the largest per capita beneficiary of EIB financing among all EU member states.
He cited specific examples of EIB support beyond major infrastructure projects, including the Cyprus Entrepreneurship Fund and the Cyprus Equity Fund, which provide vital financing to small businesses and startups. These initiatives, he said, have had a “real impact on the everyday lives of our citizens.”
A Vision for Europe and the 2026 EU Presidency
Looking ahead, Christodoulides called for Europe to pursue greater autonomy in security, the economy, and trade, stating that the EIB has a central role to play in turning that vision into reality.
He also outlined the priorities for Cyprus’s presidency of the Council of the EU in the first half of 2026. A top priority will be the negotiations on the EU’s next long-term budget, with a focus on defense, migration, affordable housing, and competitiveness. The President stressed that the EIB will be indispensable in mobilizing the funds needed to deliver on the EU’s strategic goals.
Source: Stockwatch.com.cy