Fi­nance Min­istry to set up en­ergy in­vest­ment fund

Financial Mirror (Cyprus) - - FRONT PAGE -

The Fi­nance Min­istry is work­ing to set up an in­vest­ment fund to man­age the rev­enue from hy­dro­car­bon de­posits in a cred­i­ble and trans­par­ent way, the Min­istry of Fi­nance said in a state­ment on Mon­day af­ter Fi­nance Min­is­ter Har­ris Ge­or­giades met with the En­ergy Coun­cil, ap­pointed last Septem­ber to ad­vise the gov­ern­ment on en­ergy is­sues.

Ge­or­giades said at the meet­ing that the Min­istry sees the en­ergy sec­tor as the main driver for eco­nomic growth, fo­cus­ing on pre­par­ing Cyprus for the man­age­ment of rev­enue from hy­dro­car­bon de­posits and in­vest­ments in the broader en­ergy sec­tor.

The Min­istry also stressed in an an­nounce­ment the need for at­trac­tive in­vest­ment op­por­tu­ni­ties in the wider en­ergy sec­tor by pri­vate com­pa­nies or pri­vate part­ner­ships in col­lab­o­ra­tion with the public sec­tor to raise funds from Euro­pean banks.

The En­ergy Coun­cil briefed the Min­is­ter on an ini­tia­tive to mon­i­tor and as­sess the cur­rent en­ergy sit­u­a­tion and strat­egy of Cyprus.

The Coun­cil has sched­uled a se­ries of meet­ings with lo­cal agen­cies on en­ergy mat­ters. The cur­rent sit­u­a­tion will be as­sessed and will be the ba­sis for sce­nar­ios to de­velop an in­te­grated en­ergy strat­egy up to the year 2050. The En­ergy Coun­cil also briefed the Min­is­ter on the frame­work of the EU cli­mate and en­ergy pol­icy for 2030 and the con­clu­sions of the Euro­pean Coun­cil ac­knowl­edg­ing Cyprus’ par­tic­u­lar­i­ties as a small and iso­lated in­su­lar en­ergy sys­tem.

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