The Programme provides for €780,000 in funding for small and medium-sized enterprises (SMEs) by the EBRD Special Shareholder Fund for two years.

The objective of the programme is to make local SMEs more competitive in a globalising economy and assist them with the introduction of new and diverse products and processes. The programme will provides SMEs with direct assistance from experienced business advisors and local consultants, helping them to adapt to the demands of a modern market economy.

“With this programme we are helping to connect businesses with local consultants and international industry experts, to provide the know how to help small businesses grow,” said Head of the EBRD Nicosia Resident Office Libor Krkoška at the launch.

“For more than 20 years EBRD has supported through the programme more than 14,000 companies and on average those companies grew by 23% in one year, following the completion of the programme and increased employment by 14%,” he added.

Energy, Commerce, Industry and Tourism Minister George Lakkotrypis said that the current market conditions in Cyprus have made it necessary for the government to develop a National Policy Statement for Entrepreneurship.

“Our goal is to create an entrepreneurial ecosystem that will further strengthen economic growth by providing the appropriate conditions for the successful development of business initiatives with added value for the economy,” he said, adding that the statement will be accompanied by an Action Plan with an implementation horizon up to 2020.

Lakkotrypis also said the government is upgrading the existing One Stop Shop for businesses and proceeding with the creation of the Cyprus Science Technology Park.

Source: InCyprus