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11.01.2018

Support for small businesses saved the economy of Cyprus

Cyprus Finance Minister Harris Georgiadis called lending to small businesses one of the key factors that contributed to the recovery of the Cypriot economy after the crisis of 2013. Thanks to small business, the country's economic growth in 2015 amounted to 0,3%, and in 2016 year - 0,5%.

For the Cypriot economy, support for small and medium-sized businesses has turned into a rescue in times of crisis 2013. For several years, the government of Cyprus invested a small business for 440 million euros, which allowed to create 821 workplace. Banks of Cyprus issued loans for 290 million euros, of which 43% went into the tourism business, reports Foxbusiness.

This year it is planned to continue supporting the development of small and medium-sized businesses. The Cooperative Bank of Cyprus has already prepared a financing plan: it will allocate 25 million euros for more than 110 business projects, writes Inbusinessnews.

Together with the Bank of Cyprus, the Cooperative Bank plans to develop a program for lending to agricultural family and small businesses. The support of banks can be counted by farmers who are engaged in agriculture in the mountainous regions of Cyprus.

A source: RuCy

Author: Irina Zhmaeva

Tags: Cyprus, Economics, Business