Cyprus: small business loans helped economy from crisis

NICOSIA, Cyprus — Cyprus' finance minister says 269 European Investment Bank loans to small and medium-sized businesses over the last three years have helped the economy rebound from an economic crisis that nearly pushed the island-nation into bankruptcy.

Harris Georgiades said the government-backed loans created 821 new jobs, generated investments of 440 million euros and helped the economy grow by 0.3 percent in 2015 and another 0.5 percent in 2016.

Ten banks disbursed 290.5 million euros ($346 million) with the average loan being around 1 million euros. Most of the money — 43 percent — went to tourism-related businesses.

Georgiades was speaking Wednesday during the signing of another two loan deals with EIB Director Anita Feurstenberg.

Cyprus received a multibillion euro lifeline from creditors in March, 2013 to avoid a banking collapse.

Other News

Conventional tax proposals in an unconventional US campaign

Aug 17, 2016

In this unconventional campaign season, Donald Trump and Hillary Clinton have produced two conventional tax plans that mostly track their parties' long-standing views

Lowe's cashes in on housing rally, just not as much as rival

Aug 17, 2016

In the two-way competition for customers during a housing boom, Lowe's appears to be coming in second

Target cuts outlook as it sees fewer customers in stores

Aug 17, 2016

Target cut its profit forecast and a key sales outlook amid stiffer competition and its own stumbles in areas like groceries

The Budget Report seeks to provide comprehensive coverage and analysis on the current economic, financial issues around the world. First hand finance and economic news all day, every day.

Contact us: sales@thebudgetreport.com