The Department of Town Planning and Housing, under the Ministry of the Interior, announced the highly anticipated Second Call for Applications for the Grant Scheme aimed at bolstering business activities within the historic city walls of Nicosia.

Aligned with the overarching Action Plan for the Regeneration and Revitalization of Nicosia's Historic City Center, this Grant Scheme seeks to provide vital financial support to both individuals and legal entities. Eligible applicants include property owners, tenants, or lessees of buildings engaged in existing or prospective economic activities within Nicosia's walled area.

As Brief reports, the primary objectives of this Scheme are twofold: first, to attract new enterprises, and second, to incentivize existing businesses to relocate to the designated areas. Furthermore, it aims to encourage the expansion of current ventures within these regions, thereby fostering enhanced social and economic development. By contributing to the circular economy and promoting sustainable practices, the Scheme also endeavors to uplift the built environment while endorsing green initiatives.

Ultimately, this initiative aims to elevate the appeal of Nicosia's historic core, enticing more visitors to the area and stimulating a surge in economic activity. An integral aspect of the Scheme's mission is to create promising employment prospects, thereby contributing to the prosperity of the local community.

The Second Call for Proposals enjoys financial backing from the State Budget of the Republic of Cyprus, with a total allocation of €10 million (equivalent to €2 million per annum). The Scheme remains open for applications until December 31, 2026. Potential applicants are invited to submit their proposals during specific timeframes outlined in the corresponding calls for proposals.

To ensure an efficient and streamlined application process, an electronic submission system had been adopted. Interested parties can submit their applications via the following secure link.

To become eligible beneficiaries under this Grant Scheme, applicants are required to meet well-defined criteria and fulfill certain conditions. A detailed breakdown of these essential prerequisites can be found in the comprehensive Guidebook for the Grant Scheme.

Moreover, the Ministry of Energy, Commerce, and Industry has recently unveiled sponsorship opportunities for businesses planning to take part in commercial exhibitions in Cyprus and abroad.

Starting from July 31st, the Ministry is accepting applications from businesses operating in the agricultural, industrial, and service sectors. The aim is to provide financial assistance to support their private participation in commercial exhibitions held throughout the period from January 1, 2023, to December 31, 2023.

To foster growth and development in these sectors, it has introduced three De Minimis Aid Schemes, specifically designed to encourage and enhance private participation in commercial exhibitions both locally in Cyprus and internationally.

The first scheme targets Cypriot businesses involved in the processing and/or trading of industrial products. The second scheme is geared towards businesses engaged in the processing and/or trading of agricultural products. Lastly, the third scheme caters to Cypriot service providers.

To apply for this support, interested businesses can obtain the participation application, along with the relevant informational form, from the Trade Promotion Branch at the Department of Commerce. All submissions should be made before September 8, 2023.