Nicosia: A comprehensive network of targeted grant schemes that strengthen business liquidity and expand their access to financing is being implemented by the Ministry of Energy, Commerce, and Industry, aiming to boost business in Cyprus, Minister Michalis Damianos said. He was speaking on Wednesday at the award ceremony of the University of Cyprus' Cypriot entrepreneurship competition for 2025, as part of the 10th Annual Innovation and Entrepreneurship Forum, at the Council Building - Senate Building.
According to Cyprus News Agency, Damianos announced that projects with a total budget of £363 million are currently in progress. Of this amount, £226 million is sourced from the "THALIA" program, covering the 2021-2027 programming period. The remaining £137 million comes from the Recovery and Resilience Facility and the new REPowerEU Plan of the European Union (EU).
He added that the objective of these plans is to encourage companies to invest in activities that enhance their sustainability and growth prospects. The use of technology, the transition to more sustainable operating models, and the acceleration of digital transformation are key pillars for upgrading the Cypriot economy. This includes supporting initiatives such as the entrepreneurship competition, which aims to create a more dynamic, outward-looking, and productive business environment, he noted.
Damianos also stressed the importance of empowering the younger generation in entrepreneurship by informing them about available options and guiding them to take the right steps, regardless of their field of activity.
He further mentioned that the competition acts as a catalyst in fostering creativity and entrepreneurial thinking among young people, while providing them with the skills, knowledge, and tools needed to shape their ideas.