Nicosia, Cyprus. The Cyprus Chamber of Commerce and Industry (Keve) welcomed Parliament’s approval of legislation establishing the Cyprus Business Development Organisation, describing it as a major reform for access to finance.
The chamber said the organisation is expected to support small and medium-sized enterprises, startups and self-employed professionals by addressing financing gaps and expanding available funding options.
Financing and competitiveness
Keve said the new organisation could help close existing financing gaps, support entrepreneurship, strengthen business competitiveness, promote innovation and contribute to Cyprus’ green and digital transition.
The chamber said limited access to alternative sources of finance remains among the main barriers to the growth of small and medium-sized enterprises in Cyprus. It added that businesses’ heavy reliance on the banking system has restricted access to capital for investment, expansion and innovation.
According to Keve, the organisation is expected to broaden the country’s financing ecosystem by providing additional avenues of support for entrepreneurship and the productive economy.
Implementation phase
Keve said it had participated in shaping the reform, including through the public consultation on the draft legislation and the development of the organisation’s operating framework.
The chamber said it submitted proposals and observations intended to support the creation of an effective, flexible and credible organisation able to meet the needs of Cypriot businesses.
Keve said the adoption of the legislation was only the first step, adding that the organisation should become operational swiftly and effectively to improve access to finance, encourage investment and support the sustainable growth of the Cypriot economy.
