UK Cypriot Federation meets Financial Secretary to the Treasury, Greg Clark MP

Leading representatives of the UK Cypriot community met today with the Financial Secretary to the Treasury Rt Hon Greg Clark MP in order to discuss measures that HM Government could take to support British Cypriots in their attempts to increase inward investment to Cyprus. 
The meeting was also attended by Rt Hon Theresa Villiers MP, Secretary of State for Northern Ireland, Mike Freer MP, David Burrowes MP, Nick de Bois MP and Kat Hanna on behalf of David Lammy MP.

Issues explored at the meeting included the provision of technical assistance to Cyprus, possible collaboration relating to a establishing a Cyprus Investment Fund, and potential co-operation in facilitating UK investment and UK-Cypriot joint ventures in key sectors of the island’s economy, such as tourism, services, culture and education, and energy.

Discussions also touched upon the potential for high-profile partnership events for UK investors involving HM Treasury, the Foreign & Commonwealth Office, their Cypriot counterparts, Cypriot semi-governmental organisations such as the Cyprus Chamber of Commerce and Industry, and the Cyprus Investment Promotion Agency, the Federation and prominent British Cypriot entrepreneurs.

Particular focus was placed on the issues and cash flow challenges faced by small and medium-sized British Cypriot enterprises following the failure to transfer loans and overdraft facilities from Laiki UK to the Bank of Cyprus UK as part of measures taken to protect UK depositors of Laiki following the collapse of its parent on the island. The delegation also raised the uncertainty regarding the employment status of Laiki UK staff with a view to examining mitigating measures.

Peter Droussiotis, Federation President said: “My colleagues and I were delighted with the opportunity to meet the Financial Secretary to the Treasury. This was a chance to thank Mr Clark, the British Government and our parliamentary friends for their support in resolving many of the issues which had arisen for a large number of British Cypriot depositors of Laiki UK. Even more importantly, the meeting initiated a useful dialogue with HM Treasury around a number of forward-looking initiatives which can only benefit Cyprus during this critical period in the months and years ahead.”

Peter Droussiotis was accompanied at the meeting by Federation Vice Presidents Andreas Papaevripides and Michael Ellinas, drugs online uk, and Federation Executive Council Member Bambos Charalambous.