Supporting small-medium enterprises, financing trade and facing the issue of non-performing loans, are the key issues on which the European Bank for Reconstruction and Development (EBRD) will focus both in the short and long term.
According to the Head of Nicosia Resident Office of EBRD, Libor Krkoska, EBRD had another successful year in Cyprus in 2017, “further expanding its support for trade finance by increasing the number of local participating banks to 5, seeing another trade transaction in Cyprus to win trade finance deal of the year among all 35 EBRD countries of operations.”
The EBRD also launched a new programme to support SMEs together with the Ministry of Energy, Commerce, Industry and Tourism and financed by the European Structural and Investment Funds, while enhancing its support for overcoming the issue of non-performing loans by helping with training of both banking professionals in recovery departments of local banks as well as by training insolvencies and restructuring practitioners.
“From the start of our activities in mid-2014 to date, EBRD has provided €270 million in financing for Cypriot private sector and we are ready to further deepen our engagement in the next years,” noted Krkoska.
In May 2017, EBRD’s Annual Meeting and Business Forum was held in Nicosia, giving Cyprus an excellent opportunity to present its economic recovery as well as giving the chance to local entrepreneurs and companies to connect and discuss investment opportunities with several thousands of participants of this event, both representatives of our 65 shareholder member states and 35 countries of operations.
“Our focus in the short to medium term will continue to be on the support for SMEs, trade finance and workout of non-performing loans, said Krkoska and concluded, “We are also ready to consider further support for innovative, export oriented, experienced companies as well as green economy investments, in line with overall strategic plan of the EBRD and our strategy for Cyprus.”
