Nicosia: The Research and Innovation Foundation (RIF) announced the launch of the new funding programme “STEP: Creation of facilities and production lines for new innovative products and services,” with a £10 million budget. The programme aims to enhance the innovative and productive capacity of Cypriot businesses.
According to Cyprus News Agency, this initiative is part of the government’s flagship actions, as presented by President Nikos Christodoulides in the 2025 Annual Governance Planning, reaffirming the government’s commitment to reform policies that promote strengthening the real economy and the country’s productive sector.
The programme targets businesses seeking to convert innovative ideas into high-value products or services by developing and establishing modern facilities and production lines, ensuring their industrial utilization. ‘It is open to all Cypriot businesses, regardless of size, wishing to bolster their production base. It covers expenses such as creating facilities and production lines for innovative products/services and training staff,’ the announcement states.
In statements, RIF General Director Theodoros Loukaides, emphasised that with the STEP programme, the foundation is making a strategic investment in the development of the Cypriot research and innovation ecosystem as well as the local industry. The programme can be implemented under the Cohesion Policy Program “Thalia 2021-2027,” with co-financing from the EU. The deadline for submitting proposals is September 5, 2025.