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ECONOMY

EIB Approves New Loans Totalling €170 Million for Cyprus

EIB Approves New Loans Totalling €170 Million for Cyprus

The European Investment Bank (EIB) Board of Directors 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 of the private sector, the CNA reports.

A press release issued by the Finance Ministry notes that the first loan amounting to €130 million lies in the context of the well-known EIB scheme implemented in Cyprus since 2014 providing cheap and long-term funding to the private sector backed by government guarantees.

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

The second loan amounts to €40 million aiming at strengthening the financing tool promoted by the government in energy efficiency and renewable energy, which is provided to SMEs, households and local government authorities, contributing to the attainment of Cyprus’ energy targets in the coming years.

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