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News

EIB and RCB Bank: A new EUR 50 million tranche for CY SMEs and Mid-caps

13.12.2019

Access to finance, financing conditions and investment prospects for small- and medium-sized enterprises (SMEs) and mid-caps in Cyprus is further improved following a new EUR 50 million financial agreement between RCB Bank and the European Investment Bank.

The EIB, in cooperation with a number of financial intermediaries, including RCB Bank, continues to support small and medium-sized companies operating in Cyprus. The latter benefit from lower interest rates and longer loan terms through the ‘Cyprus Banks Loans for SMES and MIDCAPS scheme’.

A new EUR 50 million tranche has been signed between EIB and RCB Bank under the Cyprus Banks Loans for SMES and MIDCAPS VI. The new facility follows the successful allocation of almost EUR 90m under the Cyprus Banks Loans for SMEs and Mid-caps III, IV and V by RCB Bank.

Commenting on the development Deputy Head of Business and Head of Corporate & SME Lending Christoforos Stylianides noted that RCB bank remains committed to supporting Cyprus’ economy: “We are proud to extend our cooperation with the EIB, which allows us to continue providing attractive terms to Cypriot companies”.