High level meeting on post-unification support for Cyprus’s economy

By Axel  Reiserer

High level meeting on post-unification support for Cyprus’s economy

EBRD President Sir Suma Chakrabarti chairs high-level Cyprus talks

The President of the European Bank for Reconstruction and Development (EBRD), Sir Suma Chakrabarti, has chaired a meeting of international organisations to facilitate a better understanding and alignment of needs assessments made by individual organisations and discuss possible support for the economy of Cyprus following any successful outcome of talks to unify the island.

The discussion took place on the margins of the EBRD 2017 Annual Meeting in Nicosia.

Alongside the EBRD high level representatives of the European Commission, the World Bank, the International Monetary Fund, the European Investment Bank, the Council of Europe Development Bank and the United Nations were present.

The meeting was also attended by the chief negotiators from both the Greek Cypriot and Turkish Cypriot communities, who briefed the participants on their talks so far.

During the private discussions, the international organisations shared assessments of the island’s economic needs and exchanged views on preliminary plans for assisting the private and public sectors in Cyprus.

They agreed that in the event of unification they will seek to coordinate support for the economy of the unified island and their plans for financial assistance and investment. It is recognised that following any unification, a great deal of help would be needed to support future needs.

EBRD President Chakrabarti, said: "I recognise that the talks between the two communities are not easy and there is a great deal still to discuss but today's meeting is a sign that should agreement be reached, the EBRD and other international organisations would stand ready to provide technical, financial and political support within their respective mandates in order to help the island realise the huge economic potential related to reunification'.