The need to increase the investment attractiveness of Cyprus was underlined by Dr. Kirill Zimarin, CEO of RCB Bank Ltd at the 3rd Cyprus Banking Forum that took place in Nicosia yesterday.
Speaking at the panel discussion of the CEOs of major Cypriot Banks, Dr. Zimarin noted that the lifting of all capital restrictions provided a background for the improvement of the investment climate in Cyprus and has become one of the major driving forces for the expected economic recovery of the country. Dr. Zimarin also referred to the need for new incentives in order to increase the investment attractiveness of Cyprus.
"An increase of the country’s rating would be the next major driving force in facilitating investment activity in the real market and thus economic growth for Cyprus. To achieve this, the level of NPLs should be decreased dramatically" said Dr. Zimarin. The CEO of RCB Bank concluded by stating that resolving the remaining issues in the Cypriot banking sector will strengthen confidence and shall therefore allow for a much needed inflow of investments, thus facilitating economic growth.