CIFA: Investment Funds inject nearly €3 billion into the Cypriot economy
11:16 - 16 October 2023
The Cyprus Investment Funds Association (CIFA) has underscored the substantial contribution of Investment Funds to the economic development of Cyprus, as highlighted by recent data released by the Cyprus Securities and Exchange Commission.
According to an Association announcement, total assets invested in Cyprus have surged to a record-breaking €2.9 billion, marking a significant milestone and amplifying the sector's role in fortifying the country's economic expansion and diversification, especially in these turbulent times.
Investments in Cyprus now constitute a remarkable 26.7% of the total assets under management, which stand at €10.7 billion as of the end of the second quarter of 2023. the announcement continued. This upward trajectory is underpinned by the operations of 254 companies licensed by the Securities and Exchange Commission, reflecting a remarkable growth of approximately 7.2% within a year.
Furthermore, there is a steadfast trend in investments across pivotal sectors, with notable commitments in Energy (€456 million), Sustainable Investment (€72 million), Shipping (€555 million), and Fintech (€108 million), the announcement said.
CIFA's President, Andreas Yiasemides, emphasized the resilience and dynamism displayed by the Investment Funds sector, highlighting the tangible proof that collective efforts can yield remarkable results. He stated, "The ascent of Collective Investment Funds during a period of considerable economic and corporate financial stress is tangible evidence of the unwavering faith and determination we have exhibited in recent years to foster sustainable growth within the sector. We are not only witnessing an increase in investments across critical economic sectors but also a continuous generation of new skilled employment opportunities."