Cyprus Development Bank in Eurpoean Investment Fund deal

The Cyprus Development Bank (CDB) and the European Investment Fund (EIF) have signed a deal to help finance small and medium-sized enterprises (SMEs).

The CDB signed the agreement with the EIF on March 27 to act as he financial intermediary in Cyprus for the Multiannual Programme for Enterpise and Entrepreneurship under the SME Guarantee Facility.

This facility is funded by the European Commission and operated by EIF.

“The aim of the programme is the support of SMEs in their development by providing access to financing under more favourable terms for the implementation of their investment plans,” said the CDB in a statement.

The programme will be available immediately.

The bank said that its participation in the programme falls within the context of its policy for the promotion of European financing programmes which aim to enhance the competitiveness of Cypriot busineses and enable them to meet the challenges and opportunities that lie ahead owing to Cyprus’ EU membership.