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12° Nicosia,
17 July, 2024
 
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4 million euros to foster Turkish Cypriot business integration

The EU's move aims to boost trade and development across the Green Line

Newsroom

The European Commission, in partnership with GIZ International Services, has initiated a two-year project aimed at bolstering private sector development within the Turkish Cypriot community and enhancing Green Line trade, as per a press release. With a total budget of 4 million euros, the project will be fully financed by the Aid Programme for the Turkish Cypriot community.

The project's primary objective is to integrate Turkish Cypriot companies into the broader island economy and the European Union's single market. Efforts will concentrate on bridging the gap between production standards in the Turkish Cypriot community and those in the EU. This endeavor seeks to enhance business competitiveness by elevating digitalization levels and promoting sustainable production practices.

Furthermore, the project endeavors to ensure that goods and services traded by Turkish Cypriot companies across the Green Line comply with EU standards. Small and medium-sized enterprises (SMEs) and start-ups will benefit from grants, as well as access to training, mentorship, and business development programs.

The announcement of upcoming grants and training opportunities will be disseminated through the EU Infopoint website. The next round of grants is scheduled for release during the summer, with continuous technical support provided to beneficiaries throughout the project's duration.

Since 2006, the European Commission has allocated over EUR 25 million in grants to support Turkish Cypriot businesses.

[Information sourced from CNA]

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Cyprus  |  Turkey  |  Europe

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