Banks grant €11.06 million in loans with state guarantees, FinMin says

Three banks granted 16 loans amounting to €11.06 million with state guarantees, the Finance Ministry announced on Friday.

The provision of loans guaranteed by the state was put in place last year as part of the measures to alleviate the consequences of the Covid-19 pandemic to economic activity and were approved by the European Commission.

The Finance Minister in December 2021 issued state guarantees amounting to €510 million (of the €1 billion stipulated by the bill approved by the Parliament) to seven Cypriot banks that opted to participate in the scheme.

“Based on the final data three banks participated in the scheme (Bank of Cyprus, Alpha Bank and Eurobank Cyprus), which granted a 16 loans totalling €11.06 million,” the Finance Ministry said in a press release, adding that the outstanding amount of these loans as at 30 June 2022 was €7.3 million.

Under the decree issued by the Finance Minister loans supported by state guarantees should have been granted by June 30 2022.

Source: Cyprus News Agency