Cyprus allocates €124.5 million to empower SMEs and boost competitiveness
Cyprus is set to boost its small and medium-sized enterprises with significant funding. The government has allocated €124.5 million from the Recovery and Resilience Fund and REPowerEU Plan. These businesses make up 99% of the island’s 125,000 companies and drive employment and growth. Europe’s competitiveness relies heavily on its SMEs. They form the backbone of industry, innovation, and social stability. Strengthening the Single Market remains vital for their ability to scale and compete globally.
In Cyprus, €227.3 million has also been secured through Cohesion Policy Funds for 2021-2027. The focus is on improving access to finance and fostering entrepreneurship. Minister Michael Damianos stressed that strategic autonomy is now essential due to geopolitical shifts, technological change, and the green transition.
Across Europe, over 2,500 SMEs operate in key sectors like defence. To support them, better coordination, standardisation, and market integration are needed. Aligning policies at national and European levels will help secure economic resilience and autonomy. The funding in Cyprus will target finance access and business investment. These measures aim to strengthen SMEs and their role in Europe’s strategic sectors. The goal is to enhance competitiveness while addressing fragmentation in the Single Market.
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