EU-Backed Cyprus Scheme to Create 800 Businesses and 1,600 Jobs with €50M Funding
A European Union-supported entrepreneurship scheme in Cyprus is set to generate approximately 800 new businesses and over 1,600 jobs, according to Themis Christophidou, Director-General of the European Commission’s Directorate-General for Regional and Urban Policy. The full €50 million New Entrepreneurship Activity Scheme, launched in two phases (€30m in 2021 and €20m in 2024), will underpin these projections.
The scheme is part of Cyprus's broader strategy to channel cohesion-policy funding into business development, research, transport, and urban projects. The government continues to prepare additional measures to address the rising cost of living, focusing on vulnerable groups while maintaining fiscal responsibility. These initiatives include VAT exemptions on essential goods and reduced electricity VAT for low-income households.
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