The Recovery and Resilience Plan will absorb funds worth 1.2 billion euro that will be allocated to Cyprus by the EU Recovery and Resilience Mechanism during the period 2021-2026.

During the event, cabinet Ministers, government officials and EY executives presented in detail the main priority pillars of the program, Digital Transformation and Energy Transition, as well as its specific objectives, including boosting the competitiveness of the economy, sustainable growth, digital transformation, modernization of the education system, strengthening the health system and the welfare state and consolidation of effective institutions.

Business executives who attended the event also had the opportunity to be briefed and submit questions regarding funding opportunities arising from the individual projects planned by the government.

The government was represented by the Minister of Energy, Commerce and Industry, Natasa Pilides and the Minister of Agriculture, Rural Development and Environment, Costas Kadis.

On behalf of EY, the event was introduced by Stavros Pantzaris, Chairman of the Board of Directors of EY Cyprus.

Sakis Moyseos, Associate Partner and Government Sector Leader at EY Cyprus, referred to the megatrends that are redefining the future, in particular, the technological revolution, climate change, globalization and demographic changes. He explained how the National Recovery and Resilience Plan will help Cyprus to adapt to these trends and strengthen its resilience and competitiveness, in order to attract investments in both traditional and new sectors of economic activity. In his closing remarks, he noted that: “EY, as a global leader in transformation projects and through the solutions and services it provides, is able to help the Cypriot Government and businesses to meet any challenges and redefine their future.”

The Minister of Agriculture, Rural Development and Environment, Costas Kadis, referred to the strategy of the Ministry to support the economy in the framework of the National Recovery and Resilience Plan and presented in detail the 19 interventions (investments and reforms) that serve the Ministry’s vision for a sustainable, clean and green Cyprus. Mr. Kadis concluded by emphasizing that "The reforms and projects that will be implemented by the Ministry are expected to radically change the performance and the image of Cyprus in general in a number of areas where Cyprus has shown weaknesses over time, while helping achieve the broader goal of the adoption of a more sustainable development model." 

The next speaker, Dr. Theodoulos Mesimeris, Head of Climate Action Unit - Senior Environment Officer at the Ministry of Agriculture, Rural Development and Environment, presented the Ministry's plan to reduce greenhouse gas emissions (CO2eq) in industry, businesses and organizations, in the context of the European Framework for reducing greenhouse gas emissions.

Then, Mr. Andreas Lizidis, Industrial Extension Officer A’ at the Ministry of Energy, Trade and Industry, presented the plan to promote energy efficiency investments in small and medium enterprises, municipalities, communities and institutions of the wider public sector.

Mr. Panos Choutris, Manager, Climate Change and Sustainability Services at EY Cyprus, presented the Climate Change and Energy Transition services offered by EY, explaining why companies need to reduce emissions today. He noted that, EY guides its customers throughout the process of reducing greenhouse gas emissions, helping companies to understand their current carbon footprint, set strategic goals, establish the right procedures and communicate results in a timely manner.

Next, the Minister of Energy, Commerce and Industry, Natasa Pilides, presented the Ministry's strategy for a low-emission economy, and referred in detail to the incentives and funding of the project. Ms. Pilides stressed: "The strategy of the Ministry aims, among other things, at ending the energy isolation of Cyprus through a reliable electricity corridor from the Eastern Mediterranean to Europe and the development of energy storage technology."

Mr. Constantinos Pyrkettis, Industrial Extension officer A' at the Ministry of Energy, Commerce and Industry, presented the plan for the digital upgrade of companies, while Ms. Maria Christodoulidou, Commerce and Industry Officer A’, of the Ministry of Energy, Commerce and Industry, presented the plan for the modernization and digitization of enterprises in the fields of processing and trade of agricultural products.

Following, Sakis Moyseos presented the Digital Transformation services offered by EY, which include the mapping of the current situation, suggestions for optimizing the operational framework and the technological framework and the preparation of an action plan.

Finally, Mr. Andreas Anastasiou, Director, Strategy and Transactions at EY Cyprus referred to other EY services for supporting businesses in relation to the Recovery and Resilience Plan.

Referring to the Recovery and Resilience Plan, Stavros Pantzaris said: "We have before us a unique opportunity for the recovery of our economy as well as the creation of a new vision and a modern productive model for Cyprus. The funds of the Recovery and Resilience Plan combined with the resources of the Cohesion Funds and the private funds that can be mobilized may reach 4.4 billion euro. In order to be able to utilise them, and to respond to the new challenges and opportunities created by the trends that are transforming the world economy today, Cypriot companies will have to adapt and redefine their operating model."