EBRD supports expansion of Cypriot shipping company

By Axel  Reiserer

EBRD supports expansion of Cypriot shipping company

Interorient Shipmanagement is planning to expand its fleet with support from EBRD

The European Bank for Reconstruction and Development (EBRD) is providing Interorient Shipmanagement, a leading ship management company headquartered in Cyprus, with a US$ 11,4 million loan for the company’s expansion.

Interorient Shipmanagement is planning to expand its fleet under management through a series of investments to enhance the company’s capacity to increase its client base.

This investment will also contribute to the recovery of the Cypriot economy which should also lead to higher levels of activity in the shipping sector.

During the signing ceremony in Limassol, Sue Barrett, EBRD Director for Transport, said: “We are proud to sign our first transport loan in Cyprus with Interorient Shipmanagement to support the expansion of the company’s ship management services. This is an important first step for the EBRD’s engagement in the transport sector in Cyprus. We look forward to providing further support for the commercialisation of the country’s maritime sector in the future.”

Libor Krkoška, Head of the EBRD Office in Cyprus, added: “We welcome the opportunity to extend our support to a strong local company like Interorient Shipmanagement. Shipping is an important part of the Cypriot economy and we are happy to contribute to its development.”

Themis Papadopoulos, CEO of Interorient Shipmanagement, said: “We are delighted to start a relationship with the EBRD which will facilitate the implementation of our expansion plans. The EBRD’s presence in Cyprus and its support for locally-based companies will make a significant contribution to the repositioning of the Cypriot economy.”

Transport is a key area of engagement for the EBRD. The Bank supports the development of safe, secure and sustainable transport systems which balance economic, environmental and social needs. To date, the EBRD has invested more than €13 billion in more than 260 transport sector projects across all its countries of operations.

The EBRD started investing in Cyprus in 2014 for a temporary period envisaged to last until 2020. The Bank’s goal is to support the recovery of the country’s economy following a deep financial crisis, and therefore the Bank’s current focus is on investments in the financial sector and supporting the development of the private sector.