The European Investment Bank (EIB) has signed a $105.7 million loan deal with Bank of Cyprus to help boost growth for small- and medium-sized businesses.

The EIB also signed a State Guarantee with the Republic of Cyprus.

“I am very pleased to be in Nicosia today to extend the EIB’s credit line to Bank of Cyprus to further support local SMEs and midcaps, which are a vital pillar of the Cypriot economy,” Jonathan Taylor, EIB vice president responsible for lending in Cyprus, said in a press release.

This is the fourth loan with the Bank of Cyprus. Loans with this bank total $301.3 million.

“The European Investment Bank, Europe’s long-term lending institution, is firmly committed to supporting small- and medium-sized companies, which are the backbone of the Cypriot economy and to boost employment opportunities for young people," Taylor said. "The EU bank has demonstrated this engagement throughout the crisis and again today."

EIB has teamed up with 10 local banks so far to help bolster regional businesses.