𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐁𝐚𝐧𝐤 𝐭𝐨 𝐎𝐩𝐞𝐧 𝐍𝐞𝐰 𝐁𝐫𝐚𝐧𝐜𝐡 𝐢𝐧 𝐂𝐲𝐩𝐫𝐮𝐬: 𝐀 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐌𝐨𝐯𝐞 𝐟𝐨𝐫 𝐑𝐞𝐠𝐢𝐨𝐧𝐚 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭

By Angelina Alyabyeva, Lawyer * 

It has been recently announced that the European Investment Bank (European Investment Bank (EIB) will be opening a new branch in Cyprus. This strategic move signifies the EIB's commitment to enhancing its presence in the region and underscores the importance of Cyprus in the broader European economic landscape. The establishment of this office is expected to bolster regional development and provide direct access to EIB's financial resources and expertise, facilitating the implementation of crucial projects.

Catalysts for Regional Development: Loans and Guarantees

The EIB's core mission revolves around providing loans and guarantees to support projects that foster the development of Europe's less developed regions. By targeting these areas, the EIB addresses economic imbalances, promoting cohesive and sustainable growth across the EU. The loans and guarantees are primarily directed towards sectors such as energy, transport, and telecommunications—critical infrastructure that forms the backbone of regional development.

𝗟𝗲𝗴𝗮𝗹 𝗙𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸

𝗧𝗵𝗲 𝗘𝗜𝗕'𝘀 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝗶𝗲𝘀 𝗮𝗿𝗲 𝗴o𝘃𝗲𝗿𝗻𝗲𝗱 𝗯𝘆 𝘁𝗵𝗲 𝗧𝗿𝗲𝗮𝘁𝘆 𝗼𝗻 𝘁𝗵𝗲 𝗙𝘂𝗻𝗰𝘁𝗶𝗼𝗻𝗶𝗻𝗴 𝗼𝗳 𝘁𝗵𝗲 𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝗨𝗻𝗶𝗼𝗻 (𝗧𝗙𝗘𝗨), 𝘄𝗵𝗶𝗰𝗵 𝗺𝗮𝗻𝗱𝗮𝘁𝗲𝘀 𝘁𝗵𝗲 𝗯𝗮𝗻𝗸 𝘁𝗼 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝘁𝗵𝗲 𝗘𝗨'𝘀 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗽𝗼𝗹𝗶𝗰𝗶𝗲𝘀𝗦𝗽𝗲𝗰𝗶𝗳𝗶𝗰𝗮𝗹𝗹𝘆𝗔𝗿𝘁𝗶c𝗹𝗲𝘀 𝟯𝟬𝟵 𝗮𝗻𝗱 𝟯𝟭𝟬 𝗧𝗙𝗘𝗨 𝗼𝘂𝘁𝗹𝗶𝗻𝗲 𝘁𝗵𝗲 𝗘𝗜𝗕'𝘀 𝗿𝗼𝗹𝗲 𝗶𝗻 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁𝘀 𝘁𝗵𝗮𝘁 𝗰𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗲 𝘁𝗼 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗰𝗼𝗵𝗲𝘀𝗶𝗼𝗻 𝗮𝗻𝗱 𝘀𝗼𝗰𝗶𝗮𝗹 𝗶𝗻𝗰𝗹𝘂𝘀𝗶𝗼𝗻𝗧𝗵𝗶𝘀 𝗹𝗲𝗴𝗮𝗹 𝗳𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸 𝗲𝗻𝘀𝘂𝗿𝗲𝘀 𝘁𝗵𝗮𝘁 𝘁𝗵𝗲 𝗘𝗜𝗕'𝘀 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗶𝗻𝘁𝗲𝗿𝘃𝗲𝗻𝘁𝗶𝗼𝗻𝘀 𝗮𝗿𝗲 𝗮𝗹𝗶𝗴𝗻𝗲𝗱 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗯𝗿𝗼𝗮𝗱𝗲𝗿 𝗼𝗯𝗷𝗲𝗰𝘁𝗶𝘃𝗲𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗘𝗨𝗳𝗮𝗰𝗶𝗹𝗶𝘁𝗮𝘁𝗶𝗻𝗴 𝗲𝗾𝘂𝗶𝘁𝗮𝗯𝗹𝗲 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁 𝗮𝗰𝗿𝗼𝘀𝘀 𝗺𝗲𝗺𝗯𝗲𝗿 𝘀𝘁𝗮t𝗲𝘀.

Modernisation and Market Integration

Beyond regional development, the EIB plays a crucial role in the modernisation of businesses and the promotion of new activities that contribute to the creation of a single market. By financing modernisation projects, the EIB helps industries become more competitive and innovative, fostering economic dynamism and integration within the EU. This support is vital for the transition towards a more unified and efficient single market, enhancing the overall economic resilience of the EU.

Legal Context for Modernisation Initiatives

Under the legal provisions of the TFEU, the EIB is empowered to finance projects that support the modernisation and conversion of businesses. This legal mandate enables the EIB to act as a catalyst for industrial innovation and market integration.

*Angelina Alyabyeva is Legal Associate, CySEC, AML Officer, LLB (Hons), LLM, Commercial Mediator KEBE, law firm: Symeon Pogosian LLC

__________________

Scheinert, Christian. (2024, April). The European Investment Bank [PDF]. European Parliament. https://www.europarl.europa.eu/ftu/pdf/en/FTU_1.3.15.pdf

European Investment Bank, The Governance of the European Investment Bank [PDF]. accessed July 3, 2024,from https://www01.eib.org/attachments/general/governance_of_the_eib_en.pdf  

Flynn Leo, "Article 309 TFEU', in Manuel Kellerbauer, Marcus Klamert, and Jonathan Tomkin (eds), The EU Treaties and the Charter of Fundamental Rights: A Commentary (New York, 2019; online edn, Oxford Academic), https://doi.org/10.1093/oso/9780198759393.003.458, accessed 2 July 2024.

Kavvadia Helen, 'The European Investment Bank and the Asian Infrastructure Investment Bank: Incumbents and Challengers in the Field of Regional Development Banking', in Judith Clifton, Daniel Díaz Fuentes, and David Howarth (eds), Regional Development Banks in the World Economy (Oxford, 2021; online edn, Oxford Academic, 22 Apr. 2021), https://doi.org/10.1093/oso/9780198861089.003.0012, accessed 2 July 2024.

Souzana Psara. "EIB Offices in Cyprus to be Inaugurated in Autumn." Cyprus Mail, June 26, 2024, <https://cyprus-mail.com/2024/06/26/eib-offices-in-cyprus-to-be-inaugurated-in-autumn/> accessed 2 July 2024

Cyprus Mail. "Cyprus Lauds Plans to Open EIB Office on the Island." Cyprus Mail, June 24, 2024, <https://cyprus-mail.com/2024/06/26/eib-offices-in-cyprus-to-be-inaugurated-in-autumn/> accessed 2 July 2024

European Investment Bank: Official website - https://www.eib.org/en/index


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