The European Commission has approved the modification of seven Operational Programmes for the European Regional Development Fund and European Social Fund in Cyprus, Spain and Italy under REACT-EU for a total of €2.7 billion.
These additional resources will support SMEs in making investments in the green and digital transition, the Commissioned announced on Thursday.
In Cyprus, the Operational Programmes ‘Competitiveness and sustainable development’ will receive an additional amount of more than €46.4 million.
This money will be invested in support to SMEs affected by the pandemic mainly with non-repayable financial support for working capital (grants), as well as to actions contributing to climate change objectives.
REACT-EU is part of NextGenerationEU and provides €50.6 billion additional funding over the course of 2021 and 2022 to Cohesion policy programmes.
The REACT-EU resources will also be invested in interventions in the field of energy, like in the development and reinforcement of Smart grids for the transmission and distribution of energy and in measures aimed at increasing the energy efficiency of public buildings.