Michalis Kammas has pledged that he and the board of the newly established Cyprus Business Development Organisation will “do everything we can” to achieve the government’s objectives, following his appointment as chairperson by the cabinet this week. 

Speaking to the Cyprus News Agency (CNA) shortly after the announcement, Kammas welcomed the decision and thanked the government for entrusting him with the leadership of the new body. 

“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,” Kammas said. 

Turning to the work ahead, he stressed that the board was ready to contribute fully to bringing the organisation into operation and delivering the goals behind its creation. 

“As a board of directors,” Kammas noted, “we will do everything we can to achieve the goals that the government has set with the creation of this organisation.” 

His appointment comes as the government begins putting the new national business development institution into operation, following the approval of the relevant legislation by parliament on July 14. 

The organisation is intended to improve access to finance for small and medium-sized enterprises, startups and self-employed professionals, while also addressing gaps in the Cypriot financing market. 

Alongside Kammas, Stelios Theophanous was appointed vice-chairperson, while Philippos Hadjizacharias, Marinos Lambrianides and Andreas Isodiou will serve as board members. 

The seven-member board also includes Aliki Sergi, representing the Finance Ministry, and Konstantinos Kleovoulou, representing the Deputy Ministry of Research, Innovation and Digital Policy. 

According to the government’s appointment announcement, the board’s first responsibilities will include establishing the organisation’s operational structures and appointing the heads of its departments. 

The Republic will provide €60 million in initial capital, while the organisation will subsequently be able to raise funding through its operations, borrowing from European and international institutions and state guarantees linked to approved strategic priorities. 

Kammas brings extensive experience from Cyprus’ financial sector, having served for many years as general manager of the Cyprus Banks Association, a position from which he retired at the end of 2025.