Evolution
After 1985, CDB launched its equities and venture capital operations. CDB’s lending portfolio exceeded CYP£20 million, and was distributed among the manufacturing (50%), tourism (40%) and other minor sectors of the economy (10%). IT was an area of intense activity, as the CDB carried out a study on the development of a national IT strategy for Cyprus, co-sponsored with UNDP. Novasys Information Services was established as a CDB subsidiary offering the business community specialized IT services. Novasys undertook the computerization of the operations of various government departments. CDB also established the Cyprus International Institute of Management, a postgraduate business school offering MBA courses.
In 1991, CDB ceased to be 100% government owned, as the European Investment Bank, acquired 5.5% of CDB's share capital. In 1996 EIB’s share capital was increased to 12%.
In 1999 following approval from the Central Bank of Russia, CDB establishmed the Investment Bank of Kuban with headquarters in the Krasnodar region. The new bank was established with the participation of the European Bank for Reconstruction and Development (EBRD) with 25% of the share capital, and the CDB with 75%.
Other regional activities included the CDB’s upgrading and restructuring of the Palestinian Development Fund to become a bank, a project assigned to the CDB by the European Commission.
Read more about this topic: Cyprus Development Bank
Famous quotes containing the word evolution:
“The more specific idea of evolution now reached is—a change from an indefinite, incoherent homogeneity to a definite, coherent heterogeneity, accompanying the dissipation of motion and integration of matter.”
—Herbert Spencer (1820–1903)
“The evolution of a highly destined society must be moral; it must run in the grooves of the celestial wheels.”
—Ralph Waldo Emerson (1803–1882)
“As a natural process, of the same character as the development of a tree from its seed, or of a fowl from its egg, evolution excludes creation and all other kinds of supernatural intervention.”
—Thomas Henry Huxley (1825–95)