Ancoria Bank and the European Investment Fund (EIF) on behalf of the Cyprus Entrepreneurship Fund (CYPEF) have signed a portfolio risk sharing loan agreement of EUR 20 million to support small and medium-sized enterprises (SMEs) in Cyprus. The agreement aims to improve access to finance for Cypriot SMEs by allowing Ancoria Bank to offer lower interest rates to their clients.
Commenting on the signature, EIF Chief Executive, Pier Luigi Gilibert said: “I am delighted that we are starting this new cooperation with Ancoria Bank and extending the reach of the CYPEF facility which aims at creating jobs and growth. This new partnership between EIF and Ancoria Bank will allow us to support more enterprises in Cyprus and will contribute to further developing the local SME market.”
Ancoria Bank’s Chief Executive Officer, Yiannis Loizou stated: ‘We are a new entrant to Cyprus’ banking sector, therefore we are content with EIF’s vote of confidence in our institution and we greatly value their collaboration with us in boosting our local businesses and the entrepreneurial spirit.”
About Ancoria Bank
Ancoria Bank Ltd is a Cyprus bank that offers a range of personal and business banking products and services that can be accessed online or from Banking Centres located in Nicosia, Limassol and Larnaca. With a mission to earn customers’ trust by redefining banking, Ancoria Bank is combining technology with a total commitment to building rewarding relationships and delivering suitable products, effectively and efficiently.
The European Investment Fund’s (EIF) is part of the European Investment Bank group. Its central mission is to support Europe’s micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.
CYPEF is a fund established by the Republic of Cyprus to support and strengthen entrepreneurship in the country by enhancing access to finance to SMEs. It provides financing as well as shares the SME credit risk at advantageous conditions with commercial banks in Cyprus. Amounts dedicated from the Cypriot government to CYPEF are made available through financing from the European Investment Bank (EIB). The total financing available under CYPEF to the benefit of Cypriot SMEs has now reached EUR 140 million.