The Cypriot government, recognizing the tangible advantages of the Olivewood initiative for the audiovisual industry, has announced an extension of the plan for another three years. Finance Minister Mákis Keraunos confirmed that the percentage of reimbursed expenses under the plan will also see an uptick from 40% to 45%.

Following deliberations at a Ministerial Council meeting, Minister Keraunos highlighted the overarching aim of the initiative: to solidify Cyprus's position as a coveted destination for film projects. During the plan's tenure, there's been a noticeable surge in the number of Cypriots employed within the cultural and cinematic domain.

In terms of economic impact, while the Republic of Cyprus invested €1 million in the program, it garnered an impressive €5.5 million in returns. These promising figures underscored the government's decision to not only continue but also enhance the initiative's provisions.

Addressing queries regarding the transparency and oversight of funds, Mr. Keraunos assured that an external auditor, backed by a reputed law firm, meticulously scrutinizes all financial operations related to the initiative.