Financing boost for Cyprus SMEs

[EIB]

The European Investment Bank Group announced connected Tuesday the archetypal InvestEU Guarantee transaction successful Cyprus, marking a large milestone successful bringing EU-backed financing person to Cypriot businesses.

The agreement, signed betwixt the EIF and Eurobank, provides a indebtedness portfolio warrant that will mobilize up to 62.5 cardinal euros successful caller loans for small and medium-sized Cypriot enterprises and startups. This EU-supported financing will marque a tangible quality for Cypriot entrepreneurs by cutting collateral requirements, helping viable businesses that deficiency sufficient guarantees, offering longer repayment periods, giving companies clip and flexibility to grow, and opening slope financing to startups, a conception traditionally excluded from credit.

EIB Vice President Kyriacos Kakouris, said, “SMEs and startups crossed Cyprus will present beryllium amended equipped to invest, grow and make jobs, strengthening the section system and Europe’s competitiveness.”

Eurobank Deputy CEO Andreas Petsas added, “We are arrogant to motion our archetypal statement with the EIBG, securing funds that will target cardinal sectors such arsenic energy, health, tourism, and transport, among others.”