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The Journal Gazette

Monday, April 09, 2012 8:00 am

Cyprus Church wants to invest in energy sector

The Associated Press

The leader of Cyprus' Orthodox Christian Church says it wants to invest in the country's energy sector.

Archbishop Chrysostomos II said Monday the Church is looking primarily at solar panel manufacturing and building a power plant as part of investment plans that could run in the "tens and possibly hundreds of millions" of euros (dollars).

Chrysostomos II says the Church's investment is aimed at boosting the country's economy.

Eurozone member Cyprus is relying on a (EURO)2.5 billion ($3.27 billion) low-interest loan from Russia to see it through this year after a string of credit rating downgrades have left it unable to borrow from international markets.

Officials hope the discovery of a sizable, offshore natural gas field will help turn the economy around.