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Cyprus News Agency: News in English, 12-03-11
CONTENTS
[01] Credit guarantee for SME from EIB
[01] Credit guarantee for SME from EIB
European Investment Bank Vice President Plutarchos Sakellaris said he
intended to make every effort in order have an SME credit guarantee fund
up and running in Cyprus by next autumn.
Sakellaris, made the remarks after being received by President Christofias
at the Presidential Palace and informed him on the efforts to establish
the fund, as well as on other EIB financing schemes.
In statements after the meeting, Sakellaris said they discussed the
EIB’s planning to assist the Cypriot government in establishing the fund,
with an initial capital of 25 to 50 mln euros.
The fund will be initially bequeathed with a capital loan by the EIB
and will be later financed with equal funds from the state budget,
Sakellaris pointed out, noting that the aim is to provide guarantees
for covering part of the banks’ risks when lending money to SMEs.
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