Bank of Cyprus becomes founding financier in the 33East Investment Fund with a €2m investment

The Bank of Cyprus has expressed its support for the Cyprus Equity Fund by becoming a founding financier with a €2 million investment in the 33East Investment Fund (www.33east.vc).

The Republic of Cyprus began promoting the establishment of the first Cyprus Equity Fund through the Ministry of Finance in 2023.

The Fund will mainly invest in start-up and innovative Cypriot companies, with the aim of covering the financial gap found in the Cypriot market in relation to financial products of an equity nature.

The Ministry of Finance has entered into a relevant Financing Agreement with the European Investment Bank (EIB) (www.eif.org), which is entrusted with monitoring the operation of the Fund.

The projected size of the Fund amounts to €37.5 million.

The Agreement provides for a state contribution of €27 million to be financed primarily from the National Recovery and Resilience Plan. The remaining amount will come from private funds.

Through a competitive process, 33East was selected by the EIF as the Fund Manager.

The Bank of Cyprus will become a shareholder of the investment fund 33East Fund I through its €2 million investment.

"We welcome the participation of the Bank of Cyprus in the 33East investment fund, as a founding financier and supporter of innovation and technology in our country," commented Demetrios Zoppos, co-founder of 33East.

"The Bank of Cyprus applauds and in practice supports the Finance Ministry’s initiative for the establishment of the first Cypriot Equity Fund in Cyprus.

Our participation in the 33East Investment Fund is yet more proof of our commitment to innovation and the diversification of the country's economic model in the context of sustainable development.

As Bank of Cyprus, once again we are leading the way and we hope that other institutions will follow our example," said Eliza Livadiotou, Executive Director of Finance of the Bank of Cyprus.

"The participation of the Bank of Cyprus, which has long been playing an important role in promoting innovation in our country while simultaneously contributing to the achievement of the state's goals, demonstrates the importance of the Fund as well as the vision for achieving a modern economy based, among other things, on knowledge, innovation and emerging technologies," commented George Pantelis, Permanent Secretary of the Ministry of Finance.

(Source: InBusinessNews)