Tributes from financial and research institutions across Cyprus poured in after former President of the Republic of Cyprus George Vassiliou passed away on Wednesday, January 14, with key bodies highlighting his decisive role in shaping the country’s modern political, economic and European trajectory.

“The Central Bank of Cyprus expresses its deepest sorrow for the death of former President of the Republic of Cyprus, George Vassiliou,” the Central Bank of Cyprus said in an announcement issued on Thursday.

“George Vassiliou contributed substantially to shaping the country’s modern economic course, promoting reforms and policies that strengthened stability, modernisation and the European orientation of the Cypriot economy,” the CBC added.

“We express our sincere condolences to his family and loved ones,” the Central Bank said.

The Cyprus Securities and Exchange Commission (CySEC) also released a statement, expressing their “deepest sorrow for the loss of former President of the Republic of Cyprus, George Vassiliou”.

“The late President served the Republic of Cyprus with integrity, vision and dedication, leaving an indelible mark on the country’s modern political, economic and European course,” the Cyprus Securities and Exchange Commission said.

“His contribution to public life and to the institutional strengthening of the Republic of Cyprus was decisive and will be remembered with respect,” CySEC added.

“The Cyprus Institute is deeply saddened by the announcement of the passing of former President of the Republic of Cyprus, Dr George Vassiliou,” the Cyprus Institute said.

“We mourn the loss of a visionary public servant and an exceptional leader whose legacy has profoundly shaped Cyprus’s modern history and whose steadfast commitment to knowledge, innovation, and international collaboration left an indelible mark on our institution and on the country he served,” it added.

“Dr Vassiliou played a defining and pioneering role in the founding and development of The Cyprus Institute,” the Cyprus Institute said.

The institute also said that “he was among the very first, in 2002, to embrace and actively support the establishment of a new research and educational institution, dedicated to excellence in science for the benefit of Cyprus and the wider region”.

“As a founding member of both the Cyprus Research and Educational Foundation in 2004 and The Cyprus Institute in 2005, he worked closely with fellow founders to engage an outstanding international team of scholars, shape the Institute’s core vision, and coordinate the planning and establishment of these institutions,” the Cyprus Institute stated.

“His belief in the reinvigoration of the Cypriot economy through its transformation into a knowledge-based economy took tangible form during his presidency, notably through the establishment of the University of Cyprus and the Institute of Neurology and Genetics,” it added.

The Cyprus Institute said it had, in 2024, recognised Vassiliou’s “exceptional service” to Cyprus and his “enduring contributio”n to its community by conferring on him an Honorary Doctoral Degree, Doctorate Honoris Causa.

“On behalf of the Board of Directors and the entire Cyprus Institute community, we extend our deepest condolences to his family and to his friends and colleagues around the world,” the Cyprus Institute said.

As a mark of respect, the Cyprus Institute said the flags at its premises have been flying at half-mast since the announcement of his death and will remain so until his burial.

“We will remember George Vassiliou not only for his historic achievements, but also for his generosity of spirit, his mentorship, and his unwavering conviction that science and knowledge can serve peace, progress, and humanity,” the institute said.

Describing his stature, the Cyprus Institute said he was “a visionary leader of Cyprus and a statesman of the highest European caliber.”

“May his memory be eternal, and may his example continue to inspire our work,” the Cyprus Institute concluded.