Cyprus Mail
Business

Coronavirus: House committee delays discussion of loan guarantees

The House finance committee on Thursday decided to postpone discussion of a government scheme to guarantee loans worth €2bn pending the submission of alternatives by parties.

The committee, which convened through teleconferencing, decided that any proposals should be submitted by Monday lunchtime to the committee secretary who will distribute them.

The scheduled plenary session could go ahead Friday to discuss other bills submitted by the justice ministry.

The guarantees bill involves the provision of state-backed low-interest loans worth €1.750bn to businesses, individuals and the self-employed so that they can manage the fallout.

An additional €250m will be used to subsidise the interest rate. It also applies to individuals, the self-employed, and businesses.

Parties have expressed doubts over its effectiveness.

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