business liquidity — Cyprus is set to enhance business liquidity with a substantial €363 million grant scheme aimed at improving access to finance. Energy Minister Michalis Damianos announced this initiative during the Cyprus Entrepreneurship Competition at the University of Cyprus, part of the 10th Annual Innovation and Entrepreneurship Forum.
The funding, as outlined by Damianos, is designed to bolster entrepreneurship and foster sustainable growth within the Cypriot economy. Of the total amount, €226 million is allocated from the THALEIA programme for the 2021–2027 programming period, while the remainder, €137 million, is sourced from the EU’s Recovery and Resilience Facility and the REPowerEU plan.
These targeted grant schemes are intended to motivate businesses to invest in critical areas such as sustainability, digital transformation, and technology adoption. Damianos emphasised the importance of transitioning to sustainable operating models and accelerating digitalisation as pivotal to enhancing the Cypriot economy.
In his address, the minister highlighted the role of initiatives like the entrepreneurship competition in creating a dynamic and outward-looking business environment. He noted that empowering young people in entrepreneurship necessitates clear information on available tools and guidance, which can help them navigate their paths regardless of their sector.
The competition serves as a catalyst for cultivating creativity and entrepreneurial thinking, equipping participants with the essential skills and knowledge to develop their ideas. Damianos expressed strong support for the philosophy behind the competition, reiterating the ministry’s commitment to fostering an ecosystem that encourages imagination and boldness.
“Through our actions, we seek to empower people who dare to think differently and shape the future,” he stated. He also recognised the contestants’ participation as a significant success, encouraging them to leverage the experience as a foundation for their professional journeys.
The government’s commitment to enhancing the business landscape is further reflected in the continuous upgrading of grant programmes, signalling a robust strategy to build a competitive economy in Cyprus.
