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RCB to make 20 million euros available to SMEs in Cyprus

Staff writer |
Russian Commercial Bank (RCB) said it will be making available 20 million Euros worth of competitive lending solutions to Cyprus' small and medium enterprises which are the backbone of the economy.

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These will be characterized by a longer repayment period, a lower funding cost and favorable terms, a press release added.

The announcement came one day after RCB joined forces with the European Investment Bank (EIB) and the government of Cyprus to achieve viable growth for the Cyprus economy by supporting SMEs.

Speaking after the signing ceremony in Nicosia on Thursday, Dr. Kirill Zimarin, CEO of RCB Bank, thanked the EIB for its valuable support in reinstating Cyprus as a growing and stable economy in the European Union.

Dr. Zimarin underlined the fact that a lot has been achieved during the last couple of years making stability and the prospects of growth appear much faster than expected. And he praised the excellent and focused work conducted by the Minister of Finance and his team which led to these remarkable achievements.

The CEO of RCB Bank also stated that banks have an important role to play in restoring the credibility of the banking sector and noted that “What Cyprus really needs is strong, well-managed and prudent banks”.

He also urged banks facing problems to use the tools provided to effectively deal with them, saying: “This will enable Cyprus to gain the investment grade rating it deserves, to attract investments and return to viable growth.

RCB Bank Ltd was established on August 1st 1995, is one of the largest banks in Cyprus and is one of the European significant Banks, members of the SSM mechanism and under direct supervision of the European Central Bank.

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