CYPRUS: RCB Bank joins forces with EIB to support SMEs

RCB Bank has joined forces with with the European Investment Bank (EIB) and the government of Cyprus to achieve viable growth for the local economy by supporting small and medium sized enterprises (SMEs) through 20 mln euros worth of competitive lending solutions, with a longer repayment period, a lower funding cost and favourable terms to SMEs.

Speaking after the signing ceremony for the EIB facility, Dr. Kirill Zimarin, CEO of RCB Bank thanked the EIB for its valuable support in reinstating Cyprus as a growing and stable economy in the European Union. Dr. Zimarin underlined the fact that a lot has been achieved during the last couple of years making stability and the prospects of growth appear much faster than expected. Dr. Zimarin praised the excellent and focused work conducted by the Minister of Finance and his team which led to these remarkable achievements.
The CEO of RCB Bank also stated that banks have an important role to play in restoring the credibility of the banking sector and noted that “What Cyprus really needs is strong, well-managed and prudent banks”.
Dr. Zimarin urged banks facing problems to use the tools provided to effectively deal with them. “This will enable Cyprus to gain the investment grade rating it deserves, to attract investments and return to viable growth,” concluded Dr. Zimarin.