- Total financing under the European Fund for Strategic Investments (EFSI) in Cyprus amounts to €46 million and is set to trigger €91 million in additional investments
Infrastructure and innovation projects
- 2 approved projects financed by the European Investment Bank (EIB) with EFSI backing
- approximately €36 million in total financing
- set to trigger €63 million in total investment
Small and medium enterprises (SMEs)
- 2 approved agreements with intermediary banks financed by European Investment Fund (EIF) with EFSI backing
- €10 million in total financing
- set to trigger approximately €28 million in investments with some 125 SMEs and mid-cap companies expected to benefit from improved access to finance
Examples of EFSI-backed projects in Cyprus
KODAP is Cyprus’ Organisation for the Storage and Management of Oil Stocks. The European Investment Bank, backed by the Juncker Plan, provided €35 million to build a 210,000 tonne privately-owned storage facility. The project improves the country’s energy security by increasing the amount of its reserve oil stocks. The facility will be constructed at the Vasilikos Energy Centre and will consist of six storage tanks for liquid fuels, pumping states, and an administration building.
Engino is a start-up in Limassol that exports its unique toy system to more than 50 countries. With products ranging from simple structures and mechanisms to solar energy sets and wireless robotics, Engino enables children to build fast and easy, simple or complex models. All products are environmentally-friendly, using recyclable plastic, sustainable beech wood and motors powered by solar panels instead of batteries. In order to scale up, the company secured a loan under the Juncker Plan, allowing it to build new facilities and upgrade its equipment.