Cyprus SMEs to get €18 mln more through Jeremie

Hundreds of small and medium sized enterprises (SMEs) will have access to an additional EUR 18 mln in new funding through the Jeremie (Joint European Resources for Micro to medium Enterprises) initiative at preferential terms by the end of the year.
Jeremie is a new initiative developed by the European Commission and the European Investment Bank (EIB) aimed at offering resources to SMEs in the EU. Jeremie offers the possibility to member states to create a Holding Fund, which in the case of Cyprus has been entrusted back to the European Investment Fund, a division of the EIB, to manage.
Finance Minister Charilaos Stavrakis welcomed the Jeremie initiative by the EIB, which in addition to the EUR 228 mln offered through the three main banks, is part of efforts to offer financing to SMEs, which form the backbone of the Cyprus economy.
EIB Vice President Plutarchos Sakellaris promised that the EIB would offer additional products if and when the need arises, adding that “Cyprus is now one of our priorities.”
Dr. Andreas Moleskis, Permanent Secretary of the Planning Bureau received high praise for concluding the negotiations paving the way for the launch of the Jeremie initiative in Cyprus at record pace.
The initiative total is EUR 20 mln, but only EUR 18 mln will be offered as loans and guarantees to SMEs, while the rest will be used to cover administrative expenses and fees to intermediaries. 

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