Bank of Cyprus offers cheap housing, business loans

As part of its efforts to kick start the Cyprus economy, the island’s largest financial institution, Bank of Cyprus is offering attractively priced loans of up to EUR 1.5 bln earmarked for housing, business and the hotel/construction industries.
Vassos Shiarly, Bank of Cyprus Group General Manager Domestic Banking announced details of the loan schemes during a press conference in Nicosia. Of the total EUR 1.5 bln package, up to EUR 800 mln are geared to soft loans for housing and businesses wishing to own their own premises.
Bank of Cyprus has also earmarked EUR 100-200 mln to the construction and hotel sectors in need of working capital, while the bank intends to play an active role in the distribution of the total EUR 300 mln under the soft loan packages to be provided by the European Investment Bank.
(Full report in Financial Mirror issue of Feb 18, 2009)