Cyprus to offer boost for SMEs
The commissioner for state aid control in Cyprus, Stella Michaelides, announced her decision on Wednesday regarding a scheme aimed at supporting small and medium-sized enterprises titled “Circular Economy Project in Small and Medium-Sized Enterprises (SMEs).”
Under this scheme, a maximum aid amount of 400,000 euros will be granted per enterprise, with a minimum investment requirement of €30,000.
The initiative is set to span the period from 2024 to 2026 and targets new or existing SMEs in Cyprus, excluding areas not under the effective control of the Republic of Cyprus due to the Turkish occupation.
This measure, outlined in a press release, is part of the Recovery and Resilience Plan for Cyprus, spanning 2022-2026, and will be funded by the EU’s Recovery and Resilience Facility (RRF).
The Ministry of Energy, Trade and Industry’s Industry and Technology Agency will oversee the implementation, with a total budget allocation of €14.4 million.
The scheme sets a maximum aid intensity of 50%, offering support to SMEs as they navigate the landscape of the circular economy.
