Nicosia, Cyprus. Cyprus is rolling out €363 million in targeted grant schemes to boost business liquidity and improve access to finance, according to Energy Minister Michalis Damianos. He said the measures aim to strengthen entrepreneurship and support sustainable growth.
Funding sources and programmes
Damianos made the remarks at the Cyprus Entrepreneurship Competition of the University of Cyprus (CyEC), held during the 10th Annual Innovation and Entrepreneurship Forum at the Anastasios Leventis Council. He said projects currently under way amount to €363 million, including €226 million from the THALEIA programme for the 2021–2027 programming period.
The remaining €137 million is financed through the EU’s Recovery and Resilience Facility and the REPowerEU plan.
Focus on sustainability and digital transformation
The minister said the schemes are designed to encourage businesses to invest in sustainability, digital transformation and technology adoption. He said “the transition to more sustainable operating models and the acceleration of digitalisation are central to upgrading the Cypriot economy.”
Support for entrepreneurship initiatives
Damianos said supporting initiatives such as the entrepreneurship competition contributes to building a more dynamic and outward-looking business environment. He added that empowering young people in entrepreneurship requires clear information on available tools and guidance to take the right steps, regardless of sector.
He said the competition acts as a catalyst by cultivating creativity and entrepreneurial thinking, while equipping participants with the skills and knowledge needed to develop their ideas. Damianos said the ministry supports the philosophy behind the competition and prioritises the creation of an ecosystem that fosters imagination and boldness.
How do you think targeted grant schemes could affect business investment in sustainability and digitalisation in Cyprus?