Cyprus launches Business Development Organisation to boost SME financing and growth
Cyprus has officially established the Cyprus Business Development Organisation, a new national body aimed at enhancing access to finance for small and medium-sized enterprises (SMEs), startups, and self-employed professionals. The Cabinet has appointed the organisation’s seven-member board, with Michalis Kammas as chairperson and Stelios Theophanous as vice-chairperson. The move marks a significant step towards addressing financing gaps in the market as part of the country's Recovery and Resilience Plan.
The organisation will design financing schemes, provide loans, and conduct market studies to improve business competitiveness and innovation. It is set to operate under the Finance Minister's supervision with €60 million initial capital from the Republic of Cyprus, and future funding options will include borrowing from European and international institutions. The establishment of this body also includes enhanced governance measures to ensure transparency and effective management.
The Cyprus Chamber of Commerce welcomed the legislation as a major economic reform, highlighting its potential to diversify financing options beyond traditional bank loans and support Cyprus’s green and digital economic transition. The chamber has been involved in shaping the reform and pledged continued collaboration to help achieve the organisation's objectives.
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