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.

People also read these

Europe's trend: Austria, once open, now shows...

Mar 5, 2017

When the migrant crisis broke, Austria was among the first in the EU to put out the welcome mat for...

Lack of German means Turk must vacate Austrian...

Apr 3, 2017

Alihan Turgut has dished out falafel for more than a decade to townsfolk of Wiener Neustadt, but...

OPEC extends output cut, but big oil price...

May 25, 2017

OPEC and outside oil product extend production cuts in an effort to shore up prices

Dispute at German club leaves worker, gunman dead

Jul 30, 2017

A disagreement in a German discotheque turns deadly after operator's son-in-law returns with an...

Germany: Skyway mishap strands up to 100 cable...

Jul 30, 2017

German fire department crews say they are focused on evacuating up to 100 passengers from suspended...

Sign up now!

About Us

24-7 Reporters publishes up-to-the-minute news 24 hours a day, 7 days a week. Our certified reporters are among the most experienced, well-trained and talented across the globe, covering issues resonating progressives in every corner of the world.

Contact us: sales[at]24-7reporters.com