The event, where more than 60 institutional investors from the likes of Goldman Sachs, Bank of America, Societe Generale, HSBC and at least 15 funds from the Arab world will be attending, will take place at the Four Seasons Hotel, starting with a banquet on Monday night to be addressed by President Nicos Anastasiades, followed by a train-line of speeches on Tuesday morning and closed-door networking for the rest of the day.
Christodoulos Angastiniotis, Chairman of the organisers Cyprus Investment Promotion Agency (CIPA) said that “there are many, interesting investment proposals, particularly in the sector of large development projects,” adding that the summit also offers a significant opportunity to showcase and promote Cyprus’ comparative advantages as an investment destination.
“From March 2013 onwards, foreign investments in Cyprus have totalled €3.2 billion,” he said. Of that, investments worth €400 million were made in sports and hotels, €1.2 billion went towards the recapitalisation of banks and €1.5 billion flowed into state coffers from issuing residence permits and passports.” Angastiniotis added that investments in the energy sector included the creation of a solar thermal park in Limassol.
But Angastiniotis and other investor groups warned members of parliament earlier in the week that uncertainty over a controversial foreclosures law and insolvency framework is discouraging foreign direct investors who intend to pump money into projects in Cyprus.
The foreclosures bill remained in limbo after opposition MPs voted to keep the present package suspended, jeopardising a calm review of the island’s economic adjustment programme under the €10 billion euro bailout programme.
The parallel set of regulations on insolvencies seems to be proceeding, at last, with the regulations determining examinership now concluded, while the final thorny issue of third party loan guarantors still pending.
Political parties want guarantors and primary homes to be exempt from foreclosures by banks, where the rate of non-performing loans has soared to an unmanageable 50% of the banking system’s loan book.
In exchange, the Troika of international lenders is holding back on the next tranche of bailout money.
Meanwhile, companies from Russia, Luxembourg and Greece are showing interest in specialised investment tools and funds, such as the Undertakings for Collective Investment in Transferable Securities (UCITS), Cyprus Securities and Exchange Commission Chairman (CySEC) Demetra Kalogirou said recently.
The main sponsor of the CIPA summit is the Bank of Cyprus and the golden sponsor is the law firm L Papaphilippou & Co LLC.
Tuesday’s working session will begin with a speech by CIPA Director General Charis Papacharalambous, followed by John Hourican, CEO, Bank of Cyprus; CIPA Chairman Christodoulos Angastiniotis; Harris Georgiades, Minister of Finance; Yiorgos Lakkotrypis, Minister of Energy, Commerce, Industry and Tourism; Chrystalla Georghadji, Governor of the Central Bank of Cyprus; Constantinos Herodotou, Privatisation Commissioner; Costas Argyrides, Director, Wealth, Brokerage & Asset Management, Bank of Cyprus; Angelos Gregoriades, President, Cyprus Investment Funds Association (CIFA).
Source: Financial Mirror
