CYPRUS: RCB Bank extends EIB cooperation to support SMEs

RCB Bank announced that it has extended its cooperation with the European Investment Bank (EIB) and the government to achieve viable growth for the Cyprus economy by supporting small and medium sized enterprises.

 
Further to the current cooperation between RCB and the EIB which regarded a EUR 20 mln funding facility allocated for the financing of new investments of Cypriot SMEs at beneficial lending rates, RCB Bank will now be able to additionally channel EUR 40 mln to the Cypriot economy.
This funding translates to competitive lending solutions for new investments, characterised by a longer repayment period, beneficial lending rates and favorable terms to SMEs, which are the backbone of the Cypriot economy, a bank announcement said.
Saluting the extension of RCB Bank’s cooperation with the European Investment Bank, CEO Dr. Kirill Zimarin noted: “We sincerely thank the EIB for the extension of our cooperation and remain committed in providing SMEs and Cypriot enterprises with the much needed and competitive financing they require in order to facilitate their investment plans in Cyprus. Cooperations like these are crucial in helping the real economy of Cyprus to continue growing and thus reinstate our country to the position it deserves”.