01.08.2022
Three banks provided 16 loans worth 11.06 million euros under state guarantees, the Finance Ministry said on Friday.
State-guaranteed loans were introduced last year as part of measures to mitigate the effects of the Covid-19 pandemic on economic activity and were approved by the European Commission.
The Minister of Finance in December 2021 issued state guarantees in the amount of 510 million euros (out of 1 billion euros envisaged by a bill approved by parliament) to seven Cypriot banks that decided to participate in the scheme.
“According to the final data, three banks (Bank of Cyprus, Alpha Bank and Eurobank Cyprus) participated in the scheme, which provided 16 loans totaling 11.06 million euros,” the Ministry of Finance said in a statement. these loans amounted to €7.3 million as at 30 June 2022.
According to the decree of the Minister of Finance, loans under state guarantees were to be issued by June 30, 2022.
