A new €30m finance initiative to support companies in Cyprus has been backed by RCB Bank and the European Investment Bank (EIB).
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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
British Business Investments aims to invest in ‘at least one’ challenger bank over next 12 months
British Business Investments Ltd has said it hopes to make another investment in at least one challenger bank over the next 12 months...
Gatehouse bolsters property team
Gatehouse Bank has expanded its property division with two appointments to its build-to-rent and real estate finance teams...
Leeds Building Society improves service for new-build homebuyers
Leeds Building Society has enhanced its new-build mortgage offering for homebuyers and mortgage brokers...
Arbuthnot Latham partners with Xactium
Arbuthnot Latham has chosen to implement the Xactium risk management system across the organisation...
FCA reports ‘notable’ urban-rural differences in how consumers experience financial services
There are “notable” differences between how consumers in urban and rural areas experience finance services, according to a new report by the FCA...
Digital banking fintech launches new product
Penta has launched a new product called Team Access whereby business owners can order MasterCards for their co-founders and co-workers...
Banking on the cloud: why moving core systems is no longer a distant possibility
Clearer regulation, greater flexibility and lower costs are behind banks’ increased use of the cloud for core activities such as anti-fraud, data hosting and analytics...
Starling Bank launches gambling blocker technology
Starling Bank has introduced a gambling blocker feature to help tackle betting addiction...
Triodos Bank provides £5m for Riverford employee ownership scheme
Triodos Bank has provided £5m of funding to help an organic veg box operation transfer 74% of the company ownership to employees...
Sainsbury’s Bank withdraws all base rate tracker products
Sainsbury’s Bank has removed all of its base rate tracker mortgage products with immediate effect...
Leek United extends mortgage offer period
Leek United Building Society has announced that it has doubled the offer period on its mortgages from three to six months...