**Kammas Vows to Deliver as Cyprus Business Body Takes Shape**
In a significant development for the Cypriot economy, Michalis Kammas has been appointed as the chairperson of the newly established Cyprus Business Development Organisation (CBDO), a role he has pledged to fulfill with commitment and diligence. His appointment was confirmed by the cabinet this week, marking a pivotal step in the government's efforts to enhance business support in the country.
Shortly after the announcement, Kammas expressed his gratitude to the government, thanking the Minister of Finance, the President of the Republic, and the Council of Ministers for the opportunity to lead this new initiative. "I thank both the Minister of Finance and the President of the Republic and the Council of Ministers for the honor they did me by appointing me president of the organisation," he stated in an interview with the Cyprus News Agency (CNA).
Kammas emphasized the board's readiness to contribute to the operationalization of the organisation and to meet the objectives set forth by the government. "As a board of directors, we will do everything we can to achieve the goals that the government has set with the creation of this organisation," he affirmed.
The establishment of the CBDO follows the approval of relevant legislation by the Cypriot parliament on July 14, which aims to create a national business development institution. The organisation's primary focus will be to improve access to financing for small and medium-sized enterprises (SMEs), startups, and self-employed professionals, addressing existing gaps in the Cypriot financing market.
Kammas will lead a seven-member board that includes Stelios Theophanous as vice-chairperson, alongside board members Philippos Hadjizacharias, Marinos Lambrianides, and Andreas Isodiou. The board also features Aliki Sergi, representing the Finance Ministry, and Konstantinos Kleovoulou, representing the Deputy Ministry of Research, Innovation and Digital Policy.
The initial responsibilities of the board will involve establishing the operational structures of the organisation and appointing heads of various departments. The government has allocated €60 million in initial capital for the CBDO, with plans for the organisation to secure additional funding through its operations, borrowing from European and international institutions, and leveraging state guarantees linked to approved strategic priorities.
Kammas brings a wealth of experience to his new role, having served as the general manager of the Cyprus Banks Association until his retirement at the end of 2025. His extensive background in the financial sector positions him well to lead the CBDO as it embarks on its mission to bolster the Cypriot economy.
As the organisation begins its work, the focus will be on creating a supportive environment for businesses to thrive, ultimately contributing to the economic growth and development of Cyprus.