Scheme for Energy Upgrade and Enhancement of large enterprises competitiveness
Summary
The third Policy Axis aims to improve the competitiveness and resilience of the Cypriot economy. In addition to the other axes, it includes measures that contribute to the promotion of a new model of development and international competitiveness of the Cypriot economy, based on the results of the relevant study of the Cyprus Economy and Competitiveness Council.
Includes investments and reforms to expand the productive base by strengthening the primary and secondary sectors of the economy, improving competitiveness and the business environment, mainly by supporting small and medium-sized enterprises (SMEs), diversifying and strengthening the tourism product, modernizing public administration and local authorities, reform and improve the efficiency of the judiciary, fight corruption and enhance transparency, enhance research and innovation, and the resilience of the financial sector and the financial situation.
Programme Name
Programme Description
The third Policy Axis aims to improve the competitiveness and resilience of the Cypriot economy. In addition to the other axes, it includes measures that contribute to the promotion of a new model of development and international competitiveness of the Cypriot economy, based on the results of the relevant study of the Cyprus Economy and Competitiveness Council.
Includes investments and reforms to expand the productive base by strengthening the primary and secondary sectors of the economy, improving competitiveness and the business environment, mainly by supporting small and medium-sized enterprises (SMEs), diversifying and strengthening the tourism product, modernizing public administration and local authorities, reform and improve the efficiency of the judiciary, fight corruption and enhance transparency, enhance research and innovation, and the resilience of the financial sector and the financial situation.
Call
Detailed Call Description
The Scheme is included in the Recovery and Resilience Scheme (RRP) of Cyprus for the period 2021 – 2026 and will be financed by the Recovery and Resilience Mechanism of the European Union (EU).
The total amount that will be allocated for the financing of the Scheme during its implementation period amounts to €17 million, of which €10 million comes from the REPowerEU Fund, through the corresponding capital in RRP Cyprus.
The minimum amount of the proposed investment (eligible expenses) is set at €100.000. The maximum total amount that can be granted to a large enterprise is cumulatively €750.000 and in the case of group of companies, the grant will be offset so that the amount to which all the companies of the group will be entitled does not exceed the amount of €1.5 million.
The potential beneficiaries of the Scheme are new or existing Large Enterprises, which are established or will be established in Cyprus, excluding the areas in which the Government of the Republic of Cyprus does not exercise effective control due to the Turkish invasion.
Large enterprises in the manufacturing sector, including the processing and/or marketing of agricultural products, may implement expenditures in all categories of eligible expenditures, while large enterprises of the remaining activities may implement expenditures in the categories of eligible expenditures with A/A 4-9, as they are analyzed in Paragraph 10 of the Scheme Guide.
Manufacturing activities are defined as the activities included in Sector C (NACE Code: C – Manufacturing), in the Statistical Codes of Economic Activities, 2008 (based on the Classification System of Economic Activities NACE Rev. 2, of the EU).
Eligible business activities do not include the following:
The Scheme is adapted and will be implemented based on the following Regulations (EU): ● “REGULATION (EU) no. 651/2014 OF THE COMMISSION of 17 June 2014 on the declaration of certain categories of aid as compatible with the internal market pursuant to Articles 107 and 108 of the Treaty” 1, (hereinafter “Regulation (EU) 651/2014”) and all its amendments/corrections, including “REGULATION (EU) 2023/1315 OF THE COMMISSION of 23 June 2023 amending Regulation (EU) no. 651/2014 for the declaration of certain categories of aid as compatible with the internal market pursuant to Articles 107 and 108 of the Treaty. The period of application of the Regulation ends on December 31, 2026.
The eligible costs for which sponsorship will be granted to Large Enterprises, based on Regulation (EU) 651/2014, are covered by the following articles:
Financing percentage by EU or other bodies / Level of Subsidy or Loan
The maximum total amount that can be granted to a large enterprise is cumulatively €750.000. In the case of groups of companies, the grant will be offset so that the one to which all the companies in the group will be entitled does not exceed the amount of €1.5 million. Businesses in the manufacturing sector can choose to receive sponsorship under the terms of Commission Regulation (EU) 651/2014 and/or under the terms of Commission Regulation (EU) 2023/2831 concerning De minimis Aid (De Minimis).
Programme Category
Cyprus Recovery And Resilience PlanTotal Budget
€17 millionThematic Categories
- New Entrepreneurship
- Small-Medium Enterprises and Competitiveness
Eligibility for Participation
- Large Enterprises
Call Opening Date
26/04/2024Call Closing Date
30/09/2024National Contact Point(s)
Industry & Technology Service
Persons to Contact:
Elena Rousou
Commerce and Industry Officer A’
Τelephone: 22867149
Email: erousou@meci.gov.cy
Fax: 22867253
Maria Ioannidou
Mechanical Engineer
Τelephone: 22409323
Email: mioannidou@meci.gov.cy
Fax: 22867253