Sponsorship plan for business competitiveness
The maximum total amount of sponsorship that can be granted to a Large Business is €750,000.
The "Sponsorship Plan for Energy Upgrade and Strengthening the Competitiveness of Large Businesses", was approved by the Council of Ministers during today's session, following a proposal by the Minister of Energy, Trade and Industry, Giorgos Papanastasiou.
The project is included in the Recovery and Resilience Plan (RESP) of Cyprus for the period 2021-2026 and will be financed by the Recovery and Resilience Mechanism of the European Union (EU).
According to a relevant announcement, the total amount that will be allocated for the needs of the Plan amounts to €17 million, of which €10 million comes from the new EU "REPowerEU" Plan, through the corresponding capital in SAA Cyprus and , therefore, only concern categories of eligible costs that serve the objectives of "REPowerEU".
The Plan aims to support, develop and upgrade Large Enterprises, including their energy upgrade. The financial aid consists in the provision of sponsorship on specified eligible costs which concern, among other things, the promotion of energy-saving investments in buildings, facilities or equipment, as well as the transition of business operations to a circular model.
The maximum total amount of sponsorship that can be granted to a Large Business is €750,000.
Beneficiaries of the Plan 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.
Eligible business activities do not include activities related to the fishing and aquaculture sectors and activities related to the production of wine and wine vinegar included in Part II of Annex VII of Regulation (EU) 1308/2013.
It is noted that the applications/proposals from the Beneficiaries will be submitted in a specific period of time that will be specified in the relevant Call for Proposals and which will be announced in the next period.
Source: stockwatch.com.cy
Photo: stockwatch.com.cy
2 February 2024
