FOR IMMEDIATE RELEASE
U.S. Embassy
March 9, 2005

CyPEG: Opportunities for a Brighter Tomorrow

Volunteers for Economic Growth
Expert Discusses Business Planning Process with Business Leaders

As a concrete example of the American commitment to help Cypriots create opportunities for a brighter tomorrow, the Volunteers for Economic Growth Alliance (VEGA) organized a roundtable with SMEs on business planning and financing. This activity was organized in cooperation with the Turkish Cypriot Chamber of Commerce and is part of VEGA’s ongoing program in Cyprus, which is funded by the United States Agency for International Development (USAID) through the Cyprus Partnership for Economic Growth (CYPEG).

The discussion was led by Joseph H. Sanford, a former Citibank executive, Group Risk Manager and Senior Credit Officer, and focused on the business planning process which enables owners and managers to establish a logical framework for developing and pursuing their business objectives over a three- to five-year time frame. Business plans help to clarify management’s goals and strategies, and serve as a credible basis for discussions with third parties such as banks and investors.

The CyPEG will continue to augment existing U.S.-funded bicommunal programs and facilitate reunification of the island by supporting economic growth in the Turkish Cypriot community in ways that will (1) enable the Turkish Cypriot economy to shoulder its share of the economic costs of a settlement; (2) contribute to Turkish Cypriot-Greek Cypriot economic interaction; and (3) advance the adoption and implementation of European Union and international standards and practices across the island. It is also meant to address Greek Cypriot concerns that a settlement will be disproportionately and prohibitively expensive for the Greek Cypriot side—concerns that the U.S. government takes very seriously.

The program’s aim is to work with Cypriots to make opportunities for a brighter tomorrow.

The U.S. Government will continue to program its foreign assistance in a transparent manner and will remain sensitive to the complex issues involved. This initiative reflects no change in our recognition policy.