Nicosia nod for digital business plan

The outgoing cabinet of Cyprus approved this week the grant scheme for the digital upgrading of enterprises.

The project is part of Cyprus’ Recovery and Resilience Plan (RRP) for the years 2021-2026, and will be funded by the European Union’s Recovery and Resilience Mechanism (RRM). The project is also part of the THALIA 2021-2027 Program and is co-financed by the EU’s European Regional Development Fund (ERDF) and the Republic of Cyprus, as part of Cyprus’ Cohesion Policy.

The amount available to finance the plan during the implementation period is 10 million euros, with the option of submitting proposals for €14 million so that, if savings are discovered during the proposal evaluation process, successful enterprises can join the plan.

Existing small and medium-sized businesses that implement expenditure in the category of digital upgrading (including e-commerce), as well as new SMEs whose investment proposal must include e-commerce and/or the application of advanced digital technologies, are potential beneficiaries of the scheme.

The Energy Ministry estimates that around 300 SMEs will benefit, and a high level of interest is expected from businesses.