Energy Minister George Papanastasiou this week announced that €363 million in funding schemes are being implemented to support small and medium-sized enterprises (SMEs) in Cyprus.
“The development of small and medium-sized enterprises is a central pillar for ensuring the competitiveness and sustainability of our economy,” Papanastasiou said during an event hosted by the University of Cyprus.
The event took place as part of the university’s Cyprus Entrepreneurship Competition 2024.
The minister stressed that supporting SMEs has been placed “high on our priorities,” recognising their crucial role in employment and business activity.
To achieve this, the Ministry has implemented targeted grant schemes aimed at improving business liquidity and facilitating access to finance.
“Specifically,” he said, “we are, at this stage, implementing fund schemes with a total budget of €363 million.”
Breaking down the funding sources, Papanastasiou explained that €226 million comes from the Thalia programme for 2021-2027, while €137 million is secured through the Recovery and Resilience Plan and the EU REPowerEU Plan.
“Our desire is that our plans provide incentives for our business community to make investments,” he said, “that lead to further enhancing the competitiveness of Cypriot businesses.”
He added that these investments should “take advantage of technology, as well as the opportunities arising through green growth and digital transition.”
Papanastasiou also stressed the importance of initiatives such as the Entrepreneurship Competition, noting that “these initiatives focus on the most important factor for the success of any business activity, the human being.”
