After many months of negotiations between the Ministry of Finance and the European Investment Fund (EIF), a Financing Agreement for the assignment of the Management of the Cyprus Equity Fund (CEF) to the EIF was signed by the Minister of Finance, Mr. Konstantinos Petridis, today.
The CEF will invest mainly in start-up and innovative Cypriot companies, having a key role in providing funding solutions in the Cypriot high-risk financing market. The Cyprus government will contribute to this Fund the amount of € 30m, which will also be supplemented by private funds.
The EIF is a leading investor in the European venture capital market and focuses on creating and supporting a sustainable business participation ecosystem, boosting innovation and entrepreneurship across Europe. It undertakes, inter alia, the management of respective investment funds in many European countries and can demonstrate substantial experience and know-how in relation to emerging economies.
An online seminar will be held on May 4, for the presentation of CEF.
For more information, please speak with any member of our dedicated Financial Services and Regulation team or your usual contact at Elias Neocleous & Co LLC.