Cyprus Mail

EIB approves loans for SMEs

The European Investment Bank (EIB) has approved two loans for Cyprus totalling €170 million, strengthening the government’s efforts to support small and medium sized enterprises (SMEs) and the growth and competitiveness in the private sector.

The finance ministry said the first loan, amounting to €130 million, lies in the context of the well-known EIB scheme implemented in Cyprus since 2014 providing inexpensive and long-term funding to the private sector backed by government guarantees.

The scheme, the ministry said, has had great success so far deploying funding of approximately €600 million to the private sector, promoting investments exceeding €500 million.

The second loan amounts to €40 million and aims to strengthen the financing instrument promoted by the government in energy efficiency and renewable energy, which is provided to SMEs, households and local government authorities.

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