According to Cyprus Securities and Exchange Commission (SEC) head Demitra Kalogirou, there is an application from Turkey still pending and she is handling the application  in collaboration with the Cyprus Foreign Ministry.

“There was an interest but for now it has not been approved because thereare other issues that need to be solved when it comes to investors from Turkey,” Kalogirou said.

The hedge fund owner is of Turkish origin, according to Kalogirou, but the company is registered and based in England.

Hedge fund investments are an alternative where capital is needed for growth, said Kalogirou.

“Our financial credit system is not strong enough right now to offer cash flow to the markets,” she said.

There have been a total of 18 applications, ten of which have already been approved.

According to CNA, these hedge funds can grow over a hundred million euros which could be invested right into the Cypriot economy,

Kalogirou said one such fund that has been approved in the maritime industry already has €300 million ready to show in the Cyprus maritime domain.

Source: InCyprus