Cyprus entrepreneurship scheme projected to create 800 businesses and more than 1,600 jobs
The projected results cover the full €50 million scheme, funded through two calls, rather than its initial €30 million allocation.
Nicosia, Cyprus. An EU-backed entrepreneurship scheme is projected to support around 800 new businesses and more than 1,600 jobs in Cyprus. Themis Christophidou, Director-General of the European Commission’s Directorate-General for Regional and Urban Policy, highlighted the figures at the Cyprus Forum 2026.
Two funding calls
The projected businesses and jobs relate to the full €50 million New Entrepreneurship Activity Scheme, not the initial €30 million allocation alone. According to the official THALIA 2021–2027 programme, a €30 million call was launched in 2021, followed by a €20 million call in 2024.
Co-financed through EU cohesion funds and the Republic of Cyprus, the scheme aims to encourage new, sustainable and competitive businesses, particularly those established by young people and women. Funding can cover equipment, premises, renovations and promotion.
Other cohesion-policy projects
Christophidou also outlined cohesion-policy investments being implemented in Cyprus, including €13 million for engineering research laboratory facilities at the University of Cyprus, almost €3 million to restore three historic municipal buildings in Limassol, and €2 million for Salina Municipal Park in Larnaca.
A further €44 million is allocated to public passenger transport infrastructure and the transition towards electric mobility. Nearly €2 million has been invested in Evagoras, an integrated information system designed to expand municipal digital services. The EU funds portal lists its overall budget at €2.9 million, with a 60 per cent EU contribution.
Right to Stay strategy
Christophidou also referred to the European Commission’s developing “Right to Stay” strategy. It seeks to address economic and demographic pressures that push people, particularly younger and skilled workers, away from rural, remote and declining regions.
The initiative focuses on improving access to jobs, housing, education, public services, transport and digital connectivity so people can remain in their home regions. Christophidou has previously described it as a response to territorial disparities that leave some Europeans feeling they have little choice but to move elsewhere.
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