An Energy Ministry statement said the scheme aimed at supporting and bolstering existing and new enterprises that invest in research and innovation to develop competitive products and services they planned to market.

Grants will also be given to businesses applying innovative processes in the manufacture of their products.

The budget for the scheme is €10 million with an additional €8.0 million expected later.

The ministry said 25% of the budget, or €2.5 million, will finance new enterprises with a maximum €50,000 each or 80% of the capital.

The remaining 75% will be granted to existing businesses, which will receive up to €250,000 per entity or 60% of the capital needs.

Applications can be submitted from January 12 until March 16.

Source: Cyprus Mail