Law on fund to manage income from hydrocarbons approved

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Law on fund to manage income from hydrocarbons...
 © In-Cyprus 2019
The House of Representatives on Friday adopted by a majority of 43 for and 7 against, a bill establishing a National Investments Fund which will manage future capital income from hydrocarbon reserves within Cyprus’ exclusive economic zone (EEZ).

An amendment tabled by ruling party Democratic Rally (Disy) and opposition party Akel stipulating that payments to reduce public debt can only be made if it is over 80% of GDP, was adopted with 44 votes for and 9 against.

Once the fund has capital equal to 3% of the country’s GDP then a Cyprus Organisation of Investments will be...


This article was automatically added to our system 2-3-2019

Law on fund to manage income from hydrocarbons approved


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Article Tags: manage, income, hydrocarbons, approved,