WEDNESDAY, FEBRUARY 16, 2005

Volunteers for Economic Growth
Announce Banking Advisory Services

As a concrete example of the American commitment to help Cypriots create opportunities for a brighter tomorrow, the Volunteers for Economic Growth Alliance (VEGA) has announced a program of Banking Advisory Services. This activity is part of VEGA’s ongoing program in Cyprus, which is funded through the United States Agency for International Development (USAID) and the Cyprus Partnership for Economic Growth (CYPEG).

The advisory services will cover areas as diverse as defining target markets/client selection processes; credit analysis, initiation and reviews; portfolio management (lending limits, client and industry concentration); remedial management/problem recognition; credit scoring; and non-collateral lending. Each bank that is selected to participate will receive at least a day of consulting services by Joseph H. Sanford, a former Citibank executive, Group Risk Manager and Senior Credit Officer.

Interested banks are encouraged to apply for services through the application process by February 28, 2005. For more information, please contact John Anderson, VEGA, c/o Chamber of Commerce, Tel: 228-3645. A copy of the application form can also be found on the U.S. Embassy’s website at www.americanembassy.org.cy.

The CyPEG will continue to augment existing 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.