Newsroom / CNA
The Commissioner for State Aid Control, Stella Michaelides, has announced her decision on a scheme aimed at supporting Small and Medium Size Enterprises (SMEs) titled "Circular Economy Project in Small and Medium Enterprises (SMEs)". Under this scheme, a total aid amount of €400,000 will be granted cumulatively, with a minimum investment requirement of €30,000.
The initiative is set to span from 2024 to 2026 and targets new or existing SMEs in Cyprus, excluding areas not under the effective control of the Republic of Cyprus due to the Turkish invasion.
This measure, outlined in a press release, is part of the Recovery and Resilience Plan for Cyprus spanning from 2022 to 2026 and will be funded by the EU Recovery and Resilience Facility. The Industry and Technology Service of the Ministry of Energy, Trade, and Industry will oversee the implementation, with a total budget allocation of €14,400,000.
The scheme sets a maximum aid intensity of 50%, offering support to SMEs as they navigate the circular economy landscape.
