Cyprus is rolling out €363 million in targeted grant schemes to boost business liquidity and improve access to finance, according to Energy Minister Michalis Damianos.

Speaking at the Cyprus Entrepreneurship Competition of the University of Cyprus (CyEC), held during the 10th Annual Innovation and Entrepreneurship Forum at the Anastasios Leventis Council, the minister said the funding aims to strengthen entrepreneurship and support sustainable growth.

He said projects currently under way amount to €363 million, of which €226 million comes from the THALEIA programme for the 2021–2027 programming period.

The remaining €137 million is financed through the EU’s Recovery and Resilience Facility and the REPowerEU plan.

The schemes are designed to encourage businesses to invest in sustainability, digital transformation and technology adoption.

Damianos said that “the transition to more sustainable operating models and the acceleration of digitalisation are central to upgrading the Cypriot economy.”

At the same time, he added that supporting initiatives such as the entrepreneurship competition contributes to building a more dynamic and outward-looking business environment.

Empowering young people in entrepreneurship requires clear information on available tools and guidance to take the right steps, regardless of sector, he said.

The competition, he noted, acts as a catalyst by cultivating creativity and entrepreneurial thinking, while equipping participants with the skills and knowledge needed to develop their ideas.

Damianos said the ministry supports the philosophy behind the competition and prioritises the creation of an ecosystem that fosters imagination and boldness.

“Through our actions, we seek to empower people who dare to think differently and shape the future,” he said, adding that the continuous upgrading of programmes reflects the government’s commitment to a competitive business environment.

Addressing the contestants, he described their participation as “a significant success” and “a valuable journey of knowledge”, encouraging them to make the most of the experience as a foundation for their professional path.