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European development bank lends US$114 million to Cypriot ship manager
INTERORIENT Shipmanagement based in Cyprus has received a US$114 million loan from the European Bank for Reconstruction and Development (EBRD) to expand its ship management services.
It is the first transport loan granted by the EBRD in Cyprus, which the bank hopes will contribute to the recovery of the Cypriot economy following a deep financial crisis and help drive higher levels of activity in the shipping sector.
During the signing ceremony in Limassol, EBRD transport director Sue Barrett, said: "This is an important first step for the EBRD's engagement in the transport sector in Cyprus. We look forward to providing further support for the commercialisation of the country's maritime sector in the future."
Interorient CEO Themis Papadopoulos said his company was delighted to start a relationship with the EBRD which will facilitate the implementation of the company's expansion plans, reported the Cyprus Mail.
Since 2014 the EBRD has invested EUR107.5 million (US$113.75 million) in Cyprus.
It is the first transport loan granted by the EBRD in Cyprus, which the bank hopes will contribute to the recovery of the Cypriot economy following a deep financial crisis and help drive higher levels of activity in the shipping sector.
During the signing ceremony in Limassol, EBRD transport director Sue Barrett, said: "This is an important first step for the EBRD's engagement in the transport sector in Cyprus. We look forward to providing further support for the commercialisation of the country's maritime sector in the future."
Interorient CEO Themis Papadopoulos said his company was delighted to start a relationship with the EBRD which will facilitate the implementation of the company's expansion plans, reported the Cyprus Mail.
Since 2014 the EBRD has invested EUR107.5 million (US$113.75 million) in Cyprus.
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