The European Investment Bank and Hellenic Bank signed two agreements that between them are worth 115 million euros in order to help Cyprus fun its public infrastructure and boost the development of small and medium sized enterprises in the country. The main goal is to encourage economic growth and at the same time create new job. Our Cypriot company formation experts can help you access any available incentives or funds that may benefit your business in Cyprus.
Funding from multiple sources
The two agreements were signed by the Cypriot Finance Minister and the European Investment Bank’s (EIB) Vice President who were joined by a Hellenic Bank Chairwoman. The first agreement has a value of 100 million euros and is destined to support EU Co-Financing Funds for strategic infrastructure projects. These are to be implemented until 2020.
The second loan was obtained from Hellenic Bank and has a value of 15 million euros. This fund will be added to an existing one for SMEs in Cyprus which will total to 30 million euros for these types of companies.
Investments in various sectors
The EIB is supporting investments in the transport sector, the energy sector and any improvements in the country regarding the change from oil fuel to a more eco-friendly natural gas/renewable energy policy. Two important projects that will be funded with this loan are for linking the Limassol port and the Paphos highway and another to finance large investments at the Vassilikos power plant. Cyprus has already absorbed other loans from the EIB and Hellenic Bank which were aimed at improvements in education, trade and tourism in Cyprus.
Cyprus has made impressive improvements in various business sectors and proves resilient in its movement to boost its economy and investments. Growth enhancing reforms as well as an improvement in the overall situation of the banks are god news for foreign investors in Cyprus