Cyprus brings business development law into force and appoints first board

Nicosia, Cyprus. The Cabinet on Wednesday brought into force the law establishing the Cyprus Business Development Organisation and appointed the new body’s first board of directors.

The organisation is intended to improve access to finance for small and medium-sized enterprises, startups and self-employed professionals, while addressing market financing gaps.

Law enters into force

Speaking after the first Cabinet meeting following the government reshuffle, Finance Minister Makis Keravnos said the government was continuing to implement its programme and announced commitments.

He said the legislation had been approved by the House of Representatives on July 14, while Wednesday’s Cabinet decision formally set the law’s commencement date.

Board appointments

The organisation’s seven-member board includes five members appointed by the Cabinet following the finance minister’s recommendation, including a chairperson and vice-chairperson.

Michalis Kammas was appointed chairperson and Stelios Theophanous vice-chairperson. The other appointed members are Philippos Hadjizacharias, Marinos Lambrianides and Andreas Isodiou.

The two ex officio members are Aliki Sergi, representing the Finance Ministry, and Konstantinos Kleovoulou, representing the Deputy Ministry of Research, Innovation and Digital Policy.

Operational work

Keravnos said the board faces the task of establishing the organisation’s operational structures and appointing the heads of its various departments.