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Establishment of a National Solidarity Fund

The House of Representatives of the Republic of Cyprus passed recently a Law establishing the National Solidarity Fund. The Fund aims at financing or/and offer economic assistance to the financial institutions, promoting and/or contributing to the capitalization or/and recapitalization of the financial institutions and/or promoting and/or contributing to the efforts of financing the Republic for development and social cohesion. The National Solidarity Fund will be managed by a seven-member committee, appointed by the Council of Ministers. The funds for the above purposes will be raised by: - revenues of the Republic of Cyprus deriving from the future exploitation of gas reserves, - ownership titles or bonds that the National Solidarity Funds issues and sells, - acquisitions of, management and disposal of equity, bonds or ownership titles from any corporation or other legal person, - donations or contributions that are made by legal entities and individuals, - any other source and legal activity, The full text of the legislation regarding the establishment of the National Solidarity Fund can be found here. For donations to the National Solidarity Fund, please press here for the beneficiary account details.