ARTICLE
22 March 2010

European Investment Bank Funding For Cyprus SMEs

EN
Elias Neocleous & Co LLC

Contributor

Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
The European Investment Bank (EIB) has announced that it aims to invest €300 million in Cyprus during 2010, a 50 per cent increase on 2009’s record investment of €202 million.
Cyprus Wealth Management

The European Investment Bank (EIB) has announced that it aims to invest €300 million in Cyprus during 2010, a 50 per cent increase on 2009's record investment of €202 million.

In 2009 the EIB provided €138 million to support SMEs and small and medium-scale infrastructure investments by private or public bodies, including local authorities. This amount was matched by the three domestic banks through which the funding was made available, giving a total of €276 million available in offered loans The EIB also provided €64 million for the design, construction and operation of an 82 MW wind farm of 41 turbines which represents 27% of the planned installed wind energy capacity of 300MW by 2020.

During 2010 the EIB will work with the Co-operative banks in Cyprus to provide cheap loans to small businesses.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More