Release date: 18 June 2020
Promoter – Financial Intermediary
MINISTRY OF FINANCE - REPUBLIC OF CYPRUSLocation
Description
The project consists in a loan to the Republic of Cyprus supporting new investment needs of SMEs and midcaps, meeting the challenges due to the COVID-19 crisis.
Objectives
The aim is to improve competitiveness and access to finance at favourable conditions for SMEs and midcaps in Cyprus. The EIB loan to the Republic of Cyprus will support the Cyprus Entrepreneurship Fund (CYPEF), a state-owned fund for the financing of enterprises carried out by eligible SMEs and, potentially, midcaps in various sectors of the economy, including services, tourism, energy and others. CYPEF will channel the EIB funds through selected banks in Cyprus on a risk-sharing basis.
Sector(s)
- Credit lines - Credit lines
Proposed EIB finance (Approximate amount)
EUR 200 million
Total cost (Approximate amount)
not applicable
Environmental aspects
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Procurement
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Status
Signed - 18/03/2021
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).