EIB to lend EUR 250 mln to Cypriot SMEs

The European Investment Bank (EIB) has authorised the amount of EUR250 mln to be given to Cypriot small and medium-sized enterprises (SMEs).
According to the Chairman of the Cyprus Chamber of Commerce and Industry, the EUR 250 mln will be channeled through the Bank of Cyprus (130 mln), the Hellenic Bank (70 mln), and Marfin Laiki (50 mln).
The three Cypriot banks through which the funds will be channelled – Bank of Cyprus, Hellenic Bank and Marfin Popular Bank – will also have to make available EUR250 mln from their own funds.
The agreement will be signed between the EIB and the Cypriot banks on July 10 in the presence of Finance Minister Charilaos Stavrakis.
One of the EIB Group's key operational priorities is to support investment by small and medium-sized enterprises (SMEs), a powerful driving force of the EU economy.
The European Union has 23 million enterprises with fewer than 250 employees, making up 99% of businesses and employing over 100 million people.