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The European Investment Bank announces plans to plough 300 million Euros into the Cypriot economy to support government development projects and further aid flaying businesses.
THOM MATTHEWS
On Thursday, the European Investment Bank (EIB) announced its plans to plough 300 million Euros into the Cypriot economy to support government development projects and further aid flaying businesses.
The cash injection is more than double the amount the Investment Bank typically lends Cyprus on an annual basis, and will be aimed at improving infrastructure and renewable energy projects. The bank?s vice president, Plutarchos Sakellaris, stated that it was a positive financial response to a negative financial situation. He also emphasised that affected small and medium sized businesses can expect to benefit, as can other crippled sectors.
The EIB will be meeting with the Cypriot Finance Minister, Charilaos Stavrakis, to discuss SME access to loans. The pair are expected to set a timetable for the regeneration of cash flow from banks to businesses, which hopefully be implemented over the next half-year. That said, Cyprus?s economy is anticipated to grow more rapidly than its regional Eurozone counterparts, with the exception of Slovakia.
The European Investment Bank sees total lending to increase by approximately 30% for the next two years.