News Local Cabinet approves €1.5 b state guarantees for loans

Cabinet approves €1.5 b state guarantees for loans

The Council of Ministers on Thursday approved a revised bill to pump much needed liquidity into the economy with €1.5 b in state backed loans for companies reeling from the impact of the coronavirus outbreak on the economy.

It was one of several decisions taken on Thursday to support the economy and  businesses.

The new bill provides for:

– €300 m in guarantees for loans to very small companies

– €1 b for medium and large companies

– €200 m for very large companies

The loans will be given by the banks and will have a duration of three months to six years.

For very small companies, the guarantee will be covered 85% by the state and 15% by the banks and for medium sized and large companies 70% by the state and 30% by banks.

The bill is subject to the approval of the House of Representatives.

“We anticipate that the total liquidity that will be pumped into the economy as a result will be close to €6 billion,” he said.

Read more

New support package for small businesses

 

 

Top Stories

43 new cases of COVID-19 on Monday

The Health Ministry announced 43 new COVID-19 cases on 19 October, out of 2,558 laboratory tests, taking confirmed infections to 2, 687. The break-down of...

1420 only for emergencies regarding COVID-19

Due to the increased number of telephone calls to the telephone center 1420 of the Ambulance Service, it is pointed out that the center...

Anastasiades-Tatar to meet in UN premises

Cyprus President Nicos Anastasiades and the new leader of the Turkish Cypriot community, Ersin Tatar, will meet in the UN premises in Nicosia. Government Spokesman,...

Four people sentenced to imprisonment for abduction

The Larnaca District Court today sentenced four people aged 42, 22, 24, and 19 to imprisonment for abducting a 27-year old last August in...

Weather expected to be cloudy with local showers this week

The weather this week is expected to be cloudy with local showers, mainly in the afternoons. Partly cloudy on Tuesday with isolated showers and possible...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...