Cyprus will stand tall on the international stage in May when it hosts the 26th annual meeting of the European Bank for Reconstruction and Development (EBRD). It is the first time an international financial institution has held such a meeting in Cyprus, providing the third smallest EU member state with a platform to demonstrate how well it has recovered from its 2012-13 banking crisis and subsequent economic recession.
Then the country required substantial financial assistance from the ‘troika’ – the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF) – in the form of an economic adjustment programme. Signed in March 2013, the deal involved a special focus on the banking sector and a €10bn injection of funds.
