Swedish businessman and philanthropist Sievert Larsson has awarded scholarships totalling €20,000 to students at the Cyprus University of Technology (Tepak).

According to an announcement released on Tuesday, the scholarships, each worth €1,000, were presented to 20 undergraduate students.

The university said that the students excelled academically and were selected based on socio-economic criteria through the university’s student welfare association.

The awards were handed out during a ceremony held on Thursday, December 12, at the university’s premises.

Speaking at the event, Tepak rector Panagiotis Zafiris expressed gratitude to the Sievert Larsson Scholarship Foundation for its contribution.

“The foundation’s support is a valuable resource for young people who have the will and skills but face financial difficulties,” he said.

On his part, Larsson emphasised the transformative power of education. He said that “education is the key to progress and prosperity”.

“Through these scholarships, our goal is to enable capable and committed young people to overcome financial barriers and reach their full potential, making their dreams come true,” he added.

It should be noted that the collaboration between CUT and the Sievert Larsson Scholarship Foundation was formalised on November 12, 2024, with the signing of a memorandum of understanding.

The announcement explained that “this partnership aims to enhance educational initiatives, support high-achieving students with limited financial means, and promote a more equitable approach to higher education”.

Larsson, who is also the founder of Ancoria Insurance and Ancoria Bank, established the Sievert Larsson Scholarship Foundation “to provide equal opportunities in education for young people”.

“The Cyprus University of Technology hopes that Larsson’s example will be emulated by others who will actively support the right to education and contribute to the creation of a more humane, equal and just society,” the announcement concluded.