Cyprus banks obtain access to EIB credit

Bank of Cyprus (whose Athens headquarters are pictured in this file photo), Marfin Popular Bank and Hellenic Bank signed an agreement with the European Investment Bank (EIB) in Nicosia yesterday. The EIB will offer the banks lending facilities totaling 228 million euros to finance small and medium-sized businesses (SMEs). Each bank will match this amount with equal funding of their own. ‘The EIB financing facility will offer enhanced possibilities for meeting the liquidity needs of Cypriot SMEs in the current economic crisis. The funds will be used for financing enterprises in industry, tourism, trade and, more generally, services,’ said Cyprus Finance Minister Charilaos Stavrakis, who was present at the signing.