The programme will support 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 2014‑2020 Operational Programme ‘Competitiveness and sustainable development’ for investments in Cyprus paves the way for investing some €661 million - including €292.3 million from the European Regional Development Fund (ERDF) and €269.5 million from the Cohesion Fund.
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%.
Commenting on the adoption, Commissioner Crețu said: "Today we have adopted a vital investment plan which will support Cyprus' efforts to exit from crisis and boost competitiveness and growth while at the same time contribute to tackling unemployment."
Source: Cyprus Mail