Cabinet establishes board for Cyprus Business Development Organisation

On Thursday, August 6, 2026, the Cypriot Cabinet officially brought into force the law establishing the Cyprus Business Development Organisation (CBDO) and announced the appointment of its inaugural seven-member board of directors. Finance Minister Makis Keravnos confirmed the appointments following the first meeting of the newly reshuffled Cabinet, noting that the legislation underpinning the organization had been passed by the House of Representatives on July 14.

The board is led by Chairperson Michalis Kammas and Vice-Chairperson Stelios Theophanous. Other appointed members include Philippos Hadjizacharias, Marinos Lambrianidis, and Andreas Eisodios. The board also features two ex officio members, Aliki Sergi and Konstantinos Kleovoulou, representing the Ministry of Finance and the Deputy Ministry of Research and Innovation, respectively. The organization is tasked with improving access to finance for small and medium-sized enterprises (SMEs), startups, and self-employed professionals, while addressing persistent financing gaps within the market.

This decision marks the formal activation of the CBDO, a key element of the government's economic agenda. The move is intended to strengthen local business liquidity, with the board now set to begin its operational duties to support the island's entrepreneurial ecosystem.