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The European Investment Bank (EIB) is renewing its cooperation with Cooperative Central Bank (CCB) of Cyprus and has authorised a new EUR 50 million credit line for SMEs. This will be the EIB’s first bank-intermediated operation in Cyprus since the outbreak of the financial crisis.

An initial finance agreement for EUR 25 million was signed, in the presence of EIB President Werner Hoyer, at a public ceremony today in Nicosia by Minister of Finance Harris Georgiades, EIB Vice-President Mihai Tănăsescu and General Manager of CCB Marios Clerides.

On this occasion, EIB President Werner Hoyer stated, “With today’s signature, we are addressing priority areas for the individual Member State and for the EU as a whole: growth, innovation and jobs. SMEs contribute to all three of them. Youth unemployment is one of the main challenges currently facing Europe and Cyprus. In a bid to support a whole generation across Europe, we developed last year a dedicated youth employment programme, which I am particularly proud to launch for the first time here in Cyprus, in cooperation with our partner CCB. This will extend our successful cooperation and will boost the creation of new professional opportunities for young people.”

The CCB facility includes a financing window under the “Jobs for Youth” programme, which is being provided for the first time in Cyprus and offers even more favourable financial terms to eligible SMEs. This new EIB product, developed under the dedicated youth employment initiative launched by the EIB in July 2013, is part of a larger initiative of the Member States and the Commission to tackle youth unemployment in line with the decision of the European Council in June 2013. This product targets, in particular, countries with high unemployment rates among young people.

In order to benefit from financing under the “Jobs for Youth” window, SMEs in the fields of industry, commercial services and tourism must fulfil a limited number of conditions, including the employment or training of young people.