An agreement has been signed to implement the second phase of the cooperation between Hellenic Bank and the European Investment Bank, aimed at boosting small and medium sized Cypriot enterprises (SMEs).
Under the agreement, which is guaranteed by the government, €30 million will be made available in low interest loans to SMEs and mid-cap organisations. The €30 million includes €15m Hellenic Bank funds.
During the signing ceremony which was held at the Ministry of Finance, Hellenic Bank Chairwoman Irena Georgiadou stated that the agreement constitutes another step forward towards the recovery of the Cyprus economy and the achievement of viable growth rates. Ms. Georgiadou pointed out that in the next 15 months, the cooperation between Hellenic Bank and the European Investment Bank will result in the provision of €100m low interest loans to businesses. €50m has been derived from the EIB and the remaining €50m has been injected from Hellenic Bank’s own funds. Loans in the range of €70m were issued to companies as part of the first phase of the cooperation.
The majority of funds were absorbed by businesses and organisations related to the education, tourism and commerce sectors.
Georgiadou stressed that the aim of the cooperation between Hellenic Bank and the European Investment Bank is to add real value to the economy, which has been suffering over the past two years from a liquidity crunch and sluggish business growth. She emphasised that Hellenic Bank continues to support the Cypriot economy and is confident in the belief that potential exists where it is concerned, as proven by the doubling of loans granted to Cypriot households and businesses compared to last year, while at the same time the Group has proceeded to create 200 new job openings.
The agreement was signed on November 2nd, on behalf of the Hellenic Bank Group by Chairwoman Irena Georgiadou, by Finance Minister Harris Georgiades on behalf of the Republic of Cyprus and on behalf of the European Investment Bank by its Chairman Werner Hoyer.
Under the agreement, which is guaranteed by the government, €30 million will be made available in low interest loans to SMEs and mid-cap organisations. The €30 million includes €15m Hellenic Bank funds.
During the signing ceremony which was held at the Ministry of Finance, Hellenic Bank Chairwoman Irena Georgiadou stated that the agreement constitutes another step forward towards the recovery of the Cyprus economy and the achievement of viable growth rates. Ms. Georgiadou pointed out that in the next 15 months, the cooperation between Hellenic Bank and the European Investment Bank will result in the provision of €100m low interest loans to businesses. €50m has been derived from the EIB and the remaining €50m has been injected from Hellenic Bank’s own funds. Loans in the range of €70m were issued to companies as part of the first phase of the cooperation.
The majority of funds were absorbed by businesses and organisations related to the education, tourism and commerce sectors.
Georgiadou stressed that the aim of the cooperation between Hellenic Bank and the European Investment Bank is to add real value to the economy, which has been suffering over the past two years from a liquidity crunch and sluggish business growth. She emphasised that Hellenic Bank continues to support the Cypriot economy and is confident in the belief that potential exists where it is concerned, as proven by the doubling of loans granted to Cypriot households and businesses compared to last year, while at the same time the Group has proceeded to create 200 new job openings.
The agreement was signed on November 2nd, on behalf of the Hellenic Bank Group by Chairwoman Irena Georgiadou, by Finance Minister Harris Georgiades on behalf of the Republic of Cyprus and on behalf of the European Investment Bank by its Chairman Werner Hoyer.