Cyprus Development Bank

The Cyprus Development Bank (CDB), (Κυπριακή Τράπεζα Αναπτύξεως), was established in 1963 as a public company to promote economic development in Cyprus. Its main shareholders are the Republic of Cyprus and the European Investment Bank. Established in 1963 by the government of Cyprus, CDB's initial financing activities covered a very broad spectrum of the economy's productive sectors, with emphasis on the fields of manufacturing and industrial processing. Capital was provided in the form of medium and long-term loans as well as equity and venture capital. The Turkish invasion of Cyprus in 1974 resulted in the large-scale displacement of the population, and paralyzed the local economy. The CDB had to write off 47% of its loans and about...