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 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 on 18 February.
As he said, "at this stage, projects with a total budget of €363 million are in progress. Of this amount, €226 million comes from the "THALIA" program and concerns the 2021-2027 programming period, while the remaining €137 million comes from the Recovery and Resilience Facility, as well as from the new REPowerEU Plan of the European Union (EU)."
He added that the aim of these plans is to "encourage our 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 that "empowering the younger generation in entrepreneurship requires to informing them about the options available and guiding them to take the right steps, regardless of their field of activity".
He added that the competition acts as a catalyst in this direction, fostering creativity and entrepreneurial thinking amongst young people, while providing them with the skills, knowledge, and tools needed to shape their ideas.
(Source: CNA)
