The EIF and the Republic of Cyprus increased their financial assistance in Cyprus through the implementation of a new portfolio risk sharing loan agreement
Posted - 24.01.2023
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Now reading : The EIF and the Republic of Cyprus increased their financial assistance in Cyprus through the implementation of a new portfolio risk sharing loan agreement
Elvinger Hoss Prussen (“EHP”) recently advised the European Investment Fund (the “EIF”) in the implementation of a portfolio risk sharing loan agreement, which will be entered into between the EIF and various financial intermediaries in the Republic of Cyprus (RoC) to support and strengthen entrepreneurship in the country by enhancing access to finance to small and medium-sized enterprises (SMEs). Amounts dedicated from the Cypriot government to this financial instrument (the “CYPEF”) are made available through financing from the European Investment Bank (EIB). This financial instrument is managed by the EIF in the context of the CYPEF Initiative phase II which benefits from an additional contribution of EUR 200 million of capital, funded by the RoC, which is expected to provide the necessary funding for financing new investment needs of SMEs and midcaps in the RoC, while meeting the financial challenges caused by the COVID-19 crisis. The team at EHP was led by Partner Ana Bramao on the financing aspects and by Partner André Hoffmann on the regulatory (CRR) aspects. Ana and André were assisted by senior associate Tiago Nogueira and associates Pauline Bazin and Emmeline Pireaux.
The EIF is an EU institution specialised in the provision of risk finance to benefit SMEs across Europe, notably in the field of entrepreneurship, growth, innovation, research and development, employment and regional development.