Cyprus and EIF sign agreement on SMEs funding

The Republic of Cyprus and the European Investment Fund (EIF) have signed an agreement worth of 20 million euro to support Small Medium Enterprises (SME) in Cyprus.

The agreement was signed under the JEREMIE initiative (Joint European Resources for Micro to Medium Enterprises), a European Commission and European Investment Bank joint initiative, aiming at facilitating SME access to finance through specially designed funding products in EU member-states and EU regions.

The EIF, which under the agreement has been appointed as the JEREMIE Holding Fund Manager, in cooperation with local financial establishments, will be responsible for the design and implementation of the suitable funding products such as loans, guarantees and business funds in support of selected SMEs.