12° Nicosia,
29 May, 2024

Cabinet approves subsidies to fund digital business upgrades

Subsidies in the amount of 10 million euros will be available for the digital upgrade of SMEs

At today's Cabinet meeting, the Grant Scheme for "Digital Upgrading of Enterprises" was approved. This project is part of Cyprus's Recovery and Resilience Plan (RSP) for the years 2021-2026, and it will be funded by the European Union's (EU) Recovery and Resilience Mechanism (RRM). The project is also part of the ThalEIA 2021-2027 Programme and is co-financed by the EU's European Regional Development Fund (ERDF) and the Republic of Cyprus, as part of Cyprus's Cohesion Policy.

A €10 million budget

The amount available to finance the Plan during the implementation period is €10 million, with the option of submitting proposals for €14 million so that, if savings are discovered during the proposal evaluation process, the successful enterprises can join the Plan.

Existing SMEs that will implement expenditure in the category of digital upgrading (including e-commerce), as well as new SMEs whose investment proposal must include e-commerce and/or the application of advanced digital technologies, are potential beneficiaries of the Scheme.

The Ministry of Energy estimates that around 300 SMEs will benefit from the call, and a high level of interest is expected from businesses, as digitization will reduce their costs and make them more competitive.

[This article was translated from its Greek original]

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