Cyprus Parliament Approves National Investment Fund Establishment

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The bill establishing a national investment fund to manage future hydrocarbon revenues has been recently approved by the Cyprus Parliament.

Initially, according to the bill, it was assumed that under certain financial conditions part of the fund’s revenues would be sent to the government treasury, although a large proportion of the proceeds would be withheld for future investment projects.

Both parties, Disy and Akel, agreed on disconnecting gas revenue from the public debt. Under the bill provisions stipulating that the debt will be serviced by fund resources only in case of exceeding 80 per cent of the GDP.