For most of the instruments deployed with the support of national or EU funds, in order to become available there is a need first for national financial intermediaries, like banks, other financial institutions, holding funds etc., depending on the type of the instrument (e.g. loan, guarantee, equity) to participate in the corresponding programme. Therefore, when there is a policy decision for such an instrument to be developed, what follows is a call by the Competent Authority, at national or EU level, addressed to financial institutions which are interested to participate, usually by adding own resources and sharing risk. As already described, the ability to leverage additional private funds is one of the advantages of financial instruments.
Presented below are financial instruments which have been adopted and are available by financial intermediaries operating in Cyprus.
It is noted that the financial instruments presented in this Portal relate to mechanisms directly or indirectly supported by national or EU funds. Other funding tools provided by the banks or other financial institutions, supported only by own or other resources, are not included herewith.
Code: 2858 | Programme name: Financial Instruments available by intermediaries in Cyprus | | Start submission calls: 01/01/2014 | End submission calls: 04/12/2021
With the aim to enhance the competitiveness of the Cypriot enterprises, as well as to support sustainable growth and youth employment, a number of Cypriot banks have entered into loan agreements with EIB, supported by the Government of the Republic of Cyprus with state guarantees, with the view to adopt and make available to the Cypriot SMEs this EIB financing scheme.
Through the scheme, the banks provide loans with favourable terms to eligible Cypriot SMEs and Mid-Caps. An even more favourable interest rate is provided to companies that meet the criteria for the “Jobs for Youth” Programme of EIB.