Cyprus has secured €1.8 billion for its new “THALIA 2021-2027” programme, marking the largest EU funding package received since the country joined the European Union in 2004.
The European Commission approved the programme in July 2022, with €969 million coming from EU funds and the remainder from the national budget. Approximately €600 million has already been allocated to more than 100 projects either completed or underway.
Officials predict the programme will generate a 6% increase in GDP and create 8,500 new jobs by 2029, focusing on green and digital transitions, local development, employment and social inclusion.
The initiative builds on the previous 2014-2020 funding period, during which Cyprus led all 27 EU member states in absorption of cohesion funds, utilising €880 million of EU funding. With national contributions, total public investment reached €1 billion, contributing to 24,000 new jobs and approximately 6% GDP growth.
Projects in Nicosia included the renovation of Eleftheria Square, the Makarios-Stasikratous-Evagorou commercial triangle, Aglantzia Avenue upgrades, the Solomou Square bus transfer station, and restoration of the Nicosia Municipal Theatre.
In Larnaca, funding supported the construction of the traditional municipal market, renovation of the Municipal Garden, and creation of the Creativity and Culture Multi-space.
Paphos benefited from restoration of the Ibrahim Khan, Kennedy Square renovation, and commercial centre improvements, while Limassol saw construction of the Port’s vertical road and port upgrades.
Other significant projects included the “Stelios Ioannou” library at the University of Cyprus, development of the General Health System’s information technology infrastructure, and the creation of Green Points network across Cyprus.
Current THALIA projects focus on energy efficiency improvements for schools, homes and public buildings, local development initiatives, youth entrepreneurship support, and social inclusion programmes across all districts.
Approximately 160 projects are scheduled for implementation by late 2029 under the new programme, which represents a significant increase from previous funding cycles.
