Cyprus will launch projects involving grants and subsidies worth over €48 million for households and businesses in the first quarter of 2023 via the “Cyprus Tomorrow plan”, Government Spokesperson Marios Pelekanos said on Wednesday.
“Cyprus tomorrow,” Pelekanos said, is the legacy of the outgoing government incorporating the National Recovery and Resilience Plan amounting to €1.2 billion and the “THALIA” programme amounting to €1.8 billion which involves the utilisation of the resources allocated to Cyprus through the Cohesion Policy Funds for the period 2021-2027.
The plan includes 58 reforms and 75 investments which are estimated to mobilise a further €1.4 billion in private investments.
Noting that Cyprus would absorb the funds allocated by the EU if it responds within the given timeframes, Pelakanos added “this warrants the cooperation of the executive with the Parliament, the public service and everyone else who is a stakeholder in the implementation of these programmes.”
According to Pelekanos, projects involving grants and subsidies of over €48 million will be launched in the first quarter of 2023.
These include the plan to boost the competitiveness of large corporations with €7 million, the digital upgrading of businesses with €10 million, the promotion of corporate extroversion with €2.9 million, the provision of advisory services to companies amounting to €5 million, the provision of incentives to SMEs for the implementation of circular operating model with €13.3 million, installation or replacement of solar water heater systems with €1 million, and a €9 million plan for the energy upgrade of the public service buildings.
Moreover, the grant for the installation of home photovoltaic systems and roof thermal insulation whose budget has been doubled to €70 million will continue in 2023, along with the €1.5 million in subsidies for solar systems for electric car charging, while the plan to subsidise the energy efficiency of companies and other institutions will also be extended through 2023 with a budget of €40 million.
“The plan ‘Cyprus tomorrow’ is not a plan given to us by somebody to implement, is a plan designed by Cypriots for the Cypriots,” Pelekanos said, noting that the plan aims at mitigating the social consequences of the pandemic as well as rendering European economies more sustainable and resilient to challenges.
Anthoulla Savvides an official of the Directorate General For Growth, which coordinates the implementation of the Recovery Plan, said that the plan’s targets have been agreed with the European Commission and the EU Council and cannot change.
She also noted that as price hikes have affected the economy, the aim is not to reduce the targets and subsidies and grants to be disbursed, noting that some funds included in the state budget have already been increased to offset price hikes.
Moreover, Savvides pointed out that following the energy crisis, triggered by the war in Ukraine, the EU has announced a new plan, called RepowerEU, adding that the allocation of funds to member-states is under discussion.