The scheme is part of a broader SME investment programme backed by the EIB in partnership with leading banks active in Cyprus.

A new €30m tranche has been signed between the EIB and RCB Bank under the 'Cyprus Banks Loans for SME and Mid-caps V' programme.

The facility follows the successful allocation of €60m under the 'Cyprus Banks Loans for SMEs and Mid-caps V, III and IV' programme by RCB Bank.

Panayiotis Loizides, chairman of the board of directors at RCB Bank, welcomed the agreement and said it remained committed to further extensions of finance to Cypriot businesses.

“We are pleased to extend our cooperation with the EIB, which allows us to provide attractive financing to Cypriot SMEs and mid-caps, which facilitates their investment plans and growth.

“RCB Bank has substantially increased lending to Cypriot businesses and remains fully committed to further deepening its contributing role in the Cyprus economy.'

Jonathan Taylor, vice-president at the EIB, said it was committed to supporting small business investment across Europe.

“New investment by Cypriot companies is crucial to harness new business opportunities, create jobs and enable firms to build on proven success.

“This new financing partnership with RCB Bank builds on the EIB's successful cooperation with local banks to unlock SME investment in Cyprus in recent years.'