Local
articles | 26 February 2015

Cyprus welcomes EU investment worth €661m

Commissioner for Regional Policy, Corina Crețu approved a programme of investments backed by EU Regional and Cohesion Funds that will play a crucial role in putting Cyprus on the tracks of recovery, by supporting the development of the island’s real economy and creating new job opportunities.

The programme foresees that more than 600 SMEs are expected to be supported while new jobs will be created through the investments.

Investment in ICT should also mean 50% of households should benefit from high-speed broadband coverage.

The programme will focus on supporting research and development as well as providing much needed support to Cyprus’ small businesses.

A key priority will also be to tackle waste treatment and energy efficiency. By dedicating more than 22% of funding to environmental priorities, the programme will also help Cyprus meet EU standards in particular as regards waste treatment and the increase of waste recycling where the programme foresees an increase to 50%.

Investments will focus on energy efficiency – especially in the energy performance of public and private buildings, including SMEs’ buildings, showing country’s commitment to move towards to a low-carbon economy.

EU investments will be also used to support small and medium-sized enterprises, helping them to become more competitive and innovation-driven and providing them with much needed liquidity in times of credit crunch.

Source: InCyprus

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