EBRD to support expansion of Interorient Shipmanagement
The European Bank for Reconstruction and Development (EBRD) is providing Interorient Shipmanagement, a leading ship management company headquartered in Cyprus, with a USD 11,374,000 loan for the expansion of the company’s business.
Interorient Shipmanagement is planning to expand its fleet under management through a series of investments the scope of which is to enhance the company’s capabilities in enlarging its client base.
With these investments, Interorient Shipmanagement will support the recovery of the Cypriot economy which should also lead to higher levels of activity in the shipping sector.
During the signing ceremony in Limassol, Sue Barrett, EBRD Director for Transport, said: “We are proud to sign our first transport loan in Cyprus with Interorient Shipmanagement to support expansion of the company’s ship management services. 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 going forward.
“We welcome the opportunity to extend our support to a strong local company like Interorient Shipmanagement. Shipping is an important part of the Cypriot economy and we are happy to contribute to its development.” added Libor Krkoska, Head of EBRD’s Office in Cyprus.
Themis Papadopoulos, CEO of Interorient Shipmanagement, added “We are delighted to start a relationship with EBRD which will facilitate the implementation of our expansion plans. EBRD’s presence in Cyprus and its support to locally based companies is a significant contribution in the repositioning of the Cypriot economy.”
Transport is a key area of engagement for the EBRD. The Bank supports the development of safe, secure and sustainable transport systems which balance economic, environmental and social needs. To date, the EBRD has invested more than €13 billion in more than 260 projects in the sector.
The EBRD started investing in Cyprus last year for a temporary period envisaged to last until 2020. The Bank is focusing on investments in the financial sector, supporting privatisations and private concessions and providing finance to projects of individual private companies. The EBRD’s goal is to support the recovery of the country’s economy following a deep financial crisis.