ΘΑλΕΙΑ 2021-2027

Scheme for the Development of New Business Activity

Examples of Projects

Scheme for the Development of New Business Activity

Μια-Ευρώπη-πιο-Έξυπνη
Policy Objective 1

A more Competitive and Smarter Europe

Μια-Ευρώπη-πιο-κοινωνική
Policy Objective 4

A more Social and Inclusive Europe

Programme Priorities

Competitive, Smart
and Digital Economy
Supporting Youth Employment

Specific Objectives

Strenghtening the Competiveness
of SMEs
Promoting the Employment
of the Unemployed

Project Budget

€50M

60%
EU Contribution

Implementation Period
17/05/21-31/12/26

Pan-Cypriot

Implementing Body
Ministry of Energy, Commerce and Industry (MECI)

22867194, 22867178, 22867156, 22867317, 22867109

vtsangaridou@meci.gov.cy,
axanthopoulou@meci.gov.cy,
sprodromou@meci.gov.cy,
snicolaou@meci.gov.cy, apapakyriakou@meci.gov.cy

Short Description/Objective

The Scheme aims to develop, support and promote entrepreneurship among young people aged 18-29, males aged 30-50 and females aged 30-55, that wish to create a business, by leveraging their knowledge, experience, training and talents.

The Scheme subsidises costs, such as equipment, special facilities, construction, purchase and/or renovation/design of spaces, visibility-promotion.

Planning of Calls

The available budget of the Scheme (€50 mil.) is planned to be launched through two Calls of Proposals.
The first Call (€30 mil.) was launched during the period May 2021-December 2021, while the second one (€20 mil.) is expected to be launched in May 2024.

Expected Benefits/Outcomes

The Scheme is expected to bring:

  • Acceleration of economic activity, through the development of new business activity (800 new enterprises are estimated to be created) based on knowledge, technological upgrade and innovation, enhancing in this way the competitiveness of all enterprises in the country
  • Creation of more than 1 600 new jobs.
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