Commission approves €7.75 million Cypriot state aid scheme to help agricultural producers deal with effects of Russian invasion

The European Commission has approved a 7.75 million euro Cypriot scheme to help some agricultural producers through direct grants, in order to deal with the side effects of Russia’s invasion of Ukraine.

The measure will be open to the agricultural sector, in particular to producers of potatoes, deciduous trees, vegetables and eggs as well as to some recognized organizations and cooperatives.

“This 7.75 million euro scheme will enable Cyprus to support producers of certain staple agricultural products, such as vegetables and eggs, which are currently facing significant liquidity shortages in light of the crisis”, Executive Vice President of the Commission for competition policy Margrethe Vestager said in a statement.

The scheme aims at mitigating the economic impact of the current geopolitical crisis and at ensuring that sufficient liquidity remains available to the eligible beneficiaries in order for them to continue their activities.

The Commission found that the Cypriot scheme is in line with the conditions set out in the Temporary Crisis Framework (as adopted on 23 March 2022 and amended on 20 July 28 October), since the aid will not exceed 250,000 euro per beneficiary and it will be granted no later than 31 December 2023.

Source: Cyprus News Agency