Projects over €48 mln start in Cyprus

Cyprus will launch projects involving grants and subsidies worth over 48 million euros for both households and businesses in the first quarter of 2023 via the “Cyprus Tomorrow” plan, government spokesperson Marios Pelekanos said last week.

The spokesman said “Cyprus Tomorrow” constitutes the legacy of the outgoing government, incorporating the National Recovery and Resilience Plan amounting to €1.2 billion, and the Thalia program amounting to €1.8 billion, which reflects the development strategy for utilizing the resources allocated to Cyprus through the Cohesion Policy Funds for the period 2021-2027. It includes 58 reforms and 75 investments which are estimated to mobilize a further €1.4 billion in private investments.

Noting that Cyprus would absorb the funds allocated by the EU if it responds within the given timeframes, Pelakanos added “this warrants the cooperation of the executive with the Parliament, the public administration and everyone else who is a stakeholder in the implementation of these program.”

This does not only concern the incumbent government, as this program will run in the years to come, he added. Cypriots go to the polls in February to elect their next president.