The House of Representatives plenary in Cyprus adopted on Friday, by a majority of 43 for and 7 against, a legislative bill establishing a National Investments Fund which will manage future capital income from hydrocarbon reserves within Cyprus’ exclusive economic zone (EEZ), CNA reports.
An amendment tabled by ruling party Democratic Rally (DISY) and opposition party AKEL providing that the fund will solely make payments to reduce public debt only if this 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 established which will control the fund’s investment policy.
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