Short Description/Objective 

The Scheme aims to support, develop, and promote Small and Medium-sized Enterprises (SMEs) in the manufacturing sector, as well as other targeted economic activities that are established or will be established in areas of Cyprus controlled by the Republic of Cyprus.

Financial support is provided for specific eligible expenditures related to the expansion and modernization of existing SMEs, as well as for the creation of new sustainable SMEs. Such expenditures include the construction and/or expansion of buildings, building modification and layout, the purchase of machinery and equipment, and transportation vehicles.

Planning of Calls

The total available budget of the Scheme (€50 million) is expected to be allocated through a single Call for Proposals. Specifically, the Scheme’s Call was launched during the period February 2021 – September 2021.

Expected Benefits/Outcomes 

The Scheme is expected to achieve:

• Strengthening businesses to implement investments that will improve their technological level, production processes, and productivity.
• Creation of new units and stimulation of entrepreneurship.
• Creation of new job opportunities.