EBRD Advice for Small Businesses programme in Cyprus

The EBRD and Cyprus have signed a €2.2 million agreement to strengthen small and medium-sized business (SME) support in Cyprus.

EBRD President Sir Suma Chakrabarti and the Minister of Energy, Commerce, Industry and Toursim of the Republic of Cyprus, Mr Yiorgos Lakkotrypis have signed a €2.2 million agreement to strengthen small and medium-sized business (SME) support to increase their competitiveness and growth potential.

The agreement was signed on the last day of the 2017 EBRD Annual Meeting and Business Forum, which took place in Nicosia, Cyprus.

This is the first its kind of agreement which the EBRD has signed with one of its countries of operations within the EU.

The €2.2 million funding comes from the EU Structural and Investment Funds with the aim to extend and expand the EBRD Advice for Small Businesses programme in Cyprus for further three years.

The programme will provide SMEs with access to business advice in order improve their competitiveness and to boost growth. The programme will focus also on supporting women entrepreneurship and promoting trade by introducing new services, like mentoring, training and coaching.

Mr Lakkotrypis made the following statement upon signing the agreement: “SME development is one of the top priorities for the Republic of Cyprus. Boosting their competitiveness and promoting women entrepreneurship are very important to long term growth for the country and we are very pleased to partner in this effort with the EBRD.”

The EBRD has expanded its operations in Cyprus in May 2014 following the crisis in the country’s banking and financial sector. Since then the Bank has invested more than €220 million in various sectors such as in the financial sector, trade finance, SME support, renewable energy in order to support economic recovery.

For more information regarding the programme or for a personalized consultation for your business needs please do not hesitate to contact us.

Source: EBRD