The Cyprus government will guarantee loans which the European Investment Bank (EIB) will give to banks in Cyprus, amounting totally to 225 million euros, to fund small and medium size enterprises (SMEs).
The relevant decision was taken on Wednesday by the Council of Ministers. Deputy Government Spokesman Victoras Papadopoulos told the media that the loans will be given to five banks to fund SMEs and mid-cap companies in Cyprus.
The Bank of Cyprus will receive a 100 million euro loan, RCB will receive 20 million euros, the Cyprus Development Bank will receive 15 million euros, the Hellenic Bank will receive 75 million euros and the Universal Saving Banks 15 million euros.
Papadopoulos said that through this decision the EIB financing programme for the SMEs is being extended, including more banks in it.