Cyprus Church Plans to Invest in Banks, Energy, Archbishop Says

The Orthodox Christian Church of Cyprus wants to invest hundreds of millions of euros in the country’s economy to boost jobs and benefit the church, Archbishop Chrysostomos II said.

“As a church, we are ready to invest so that the economy improves and people can work,” Chrysostomos said today following a meeting with President Demetris Christofias, according to a transcript of his comments posted on the Cypriot government’s information website.

While investment plans include banks and natural gas, the church is especially looking at solar panels and building a power production plant, Chrysostomos said. The cost of these investments could reach tens and possibly hundreds of millions of euros, he said.

The church has shares in Bank of Cyprus Plc and Hellenic Bank Pcl (HB) and a minimal holding in Laiki Bank Group and it sees no problems for any of these lenders, Chrysostomos said.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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