Nicosia, April 10, 2012
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| Photo: Romfea.gr |
“As a church, we are ready to invest so that the economy improves and people can work,” Chrysostomos said following a meeting with President Demetris Christofias, according to a transcript of his comments posted on the Cypriot government’s information website.
While investment plans include banks and natural gas, the church is especially looking at solar panels and building a power production plant, Chrysostomos said. The cost of these investments could reach tens and possibly hundreds of millions of euros, he said.
The church has shares in Bank of Cyprus Plc and Hellenic Bank Pcl (HB) and a minimal holding in Laiki Bank Group and it sees no problems for any of these lenders, Chrysostomos said.
Chrysostomos II says the Church's investment is aimed at
boosting the country's economy.
Eurozone member Cyprus is relying on a (EURO)2.5 billion ($3.27 billion) low-interest loan from Russia to see it through this year after a string of credit rating downgrades have left it unable to borrow from international markets.
Officials hope the discovery of a sizable, offshore natural gas field will help turn the economy around.
