The Department of Urban Planning and Housing has announced the third call for applications for the grant scheme aimed at boosting business activities within the walled city of Nicosia. This initiative is part of a broader action plan to regenerate and rejuvenate this historic area.

Launched on April 29, 2024, this third call involves a total budget of €2 million, with each grant covering up to 60% of eligible expenses per proposal, up to a maximum of €80,000 in financial aid per project.

Applications for this round can be submitted from April 29, 2024, until November 29, 2024, exclusively online here.

The scheme is designed to provide financial support to individuals or legal entities who own, rent, or lease properties (with the signed consent of the owners) or Turkish Cypriot properties (with signed consent from the Guardian of Turkish Cypriot Properties – Nicosia District Officer), who are currently engaged in or plan to start business activities in the specified area.

Key objectives of the scheme include attracting new businesses to the walled city, encouraging existing businesses to relocate there, aiding current businesses in expanding their facilities, and enhancing the social and economic fabric of the area. It also aims to upgrade the built environment, contributing to the circular economy and green growth, drawing people from across Cyprus and the entire urban area of Nicosia, and creating new job opportunities.

Funded by the state budget of the Republic of Cyprus, a total of €10 million is allocated for this call, with €2 million available annually. The program will remain open until December 31, 2026, with potential beneficiaries able to submit applications/proposals during specific periods set out in each call for proposals.