Cyprus Mail
Business

Government, EIB to sign €150m loan guarantee agreement for SMEs

Cyprus and the European Investment Bank will sign on Thursday a €150m government loan guarantee agreement that will help Cypriot lenders extend loans to small and medium size mid-capitalisation companies, the finance ministry said.

Finance minister Harris Georgiades and the vice-chairman of the European Union’s lender, Jonathan Taylor, will sign the agreement which will allow Bank of Cyprus, the island’s largest lender, to extend €100m in loans to small and medium size companies, the finance ministry said in an emailed statement on Tuesday. RCB Bank, fourth largest lender in Cyprus, the Cyprus Development Bank (CDB) and USB Bank will offer €20m, €15m and €15m in loans respectively.

During his stay in Cyprus, Taylor and other EIB officials dealing with Cyprus will have meeting with the finance ministry to discuss possible ways to support the Cypriot economy, the statement said.

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