The President of the Republic of Cyprus, Nikos Christodoulides, announced in an interview with the B2B Business Guide of Cyprus-Greece that the government intends to create a Business Development Agency with the aim of providing financial assistance to small and medium-sized enterprises (SMEs).

According to a press release by FMW Financial Media Way, in an exclusive interview with the B2B Business Guide of Cyprus-Greece, President Christodoulides stated that financial gaps would be addressed by facilitating access to financing for SMEs, particularly in priority sectors.

President Christodoulides considers the agency as an emblematic initiative that will contribute to efforts to improve collaboration with banks, enhance the investment climate, and foster economic development in the country.

The President emphasized the issue of high interest rates, stating that the banking sector must take initiatives to reduce lending rates and charges for households, considering the significant profits expected to be generated in the coming years.

Financial support from the public sector, and, more specifically the government, is a great boon to the startup ecosystem in Cyprus, as well as for organizations which support startups and SMEs. It is known that a lack of access to funding and talent remain as some of Cypriot business’ largest hurdles, but with the support of the government, Cyprus may likely be seeing a much needed and encouraging change.