This is 30% up on the previous seven-year period and, together with co-financing from national funds, means projects totaling €1.8 billion.

Petrides said that having managed to absorb all 100% of EU funds available to it the previous period, Cyprus aimed to do so again in 2021-2027.

The €968 million will come from the European Regional Development Fund (€467 million), the European Social Fund (€222 million), the Cohesion Fund (€179 million) and the Just Transition Fund (€101 million).

However, the funds can only be drawn through a budget, and are therefore contingent on the House approving the revised 2021 state budget that is expected to be put to the plenary on Monday.

Outlining the various projects, Petrides said €315 million was budgeted under policy objective one – ‘a smarter Europe’ – and covers research, innovation, digital transformation and entrepreneurship.

“From the beginning we wanted to boost this effort and the businesses themselves, for sums to go directly to the businessmen, the small companies so that they can become more competitive, more viable and modern,” he said.

Petrides said €100 million was being earmarked to subsidise up to 60% of the cost of establishing new businesses, with additional sums for young people aged up to 29 and women, subsidies for manufacturing and other targeted sectors and subsidising the cost of digitally upgrading existing SMEs and promoting e-commerce.

Also included are research and development projects of €130 million to cover for example upgrading or creating research infrastructure at research centres, universities and businesses.

And €85 million will be used for digitalisation projects in the public sector, for example for patients’ health records.

Policy objective two, with a €728 million budget for a greener Europe, includes €167 million to lower carbon emissions through investments in cleaner energy, including energy upgrades of public buildings, schools and homes (€143 million), recycling municipal waste (€83 million) and water management (€195 million).

Also included are cycle lanes, foot paths, smart traffic lights, priority bus lanes and subsidies for electric vehicles (€120 million).

And €20 million is earmarked for biodiversity such as Akamas and other Natura areas and a transition to alternative forms of energy (€167 million).

Petrides said policy objective three for a more connected Europe involved €94 million that includes projects to upgrade the road network in the mountains, smart transportation systems on the motorways and urban roads and sound barriers on the motorways.

Policy objective 4, a more social Europe, is earmarking €424 million for groups of the population who are excluded from the labour market. Money will go to modernise the employment service and incentives for employers to hire the unemployed, practical training for the young, and bringing more women into the labour market by subsidising childcare. In addition, €177 million will address poverty with incentives to employ the long-term unemployed, beneficiaries of the minimum guaranteed income, the disabled and unemployed people over 50.

Other plans are improved social services, an autism centre, sheltered living for the disabled and food programmes for the needy.

Finally, the €160 million policy objective 5 will provide for investments for sustainable development of urban, rural and coastal areas.

Source: Cyprus Mail