EU cohesion funds to support 800 new businesses in Cyprus

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Creating the conditions that allow citizens to remain and build their future in their own communities is at the heart of the European Union’s upcoming “right to stay” strategy, European Commission Director-General for Regional and Urban Policy Themis Christophidou said on Tuesday.

Speaking at the Cyprus Forum, Christophidou highlighted the demographic and economic challenges facing many European regions, noting that one in three Europeans — almost 150 million people — live in areas that have lost population over the past two decades.

A similar number live in regions that have experienced economic decline, she said, with young and skilled workers often forced to leave their communities due to a lack of quality jobs, opportunities and services.

The European Commission is preparing a strategy on the “right to stay”, which is expected to be presented early next year. More than 700 contributions from stakeholders were submitted during the consultation process, according to Christophidou.

The strategy will focus on creating the conditions that allow citizens to build their future where they live, through quality employment opportunities, education, infrastructure, public services, transport and digital connectivity.

EU cohesion investments in Cyprus

Referring specifically to Cyprus, Christophidou outlined a series of investments being implemented through EU cohesion policy.

She said €30 million is being allocated to a scheme supporting the development of new business activity, which is expected to lead to the creation of around 800 new businesses and more than 1,600 jobs.

At the same time, €13 million is being invested in engineering research laboratory facilities at the University of Cyprus through cohesion policy funding.

Christophidou also referred to almost €3 million in investments for the restoration of three historic municipal buildings in Limassol, €2 million for Salina Municipal Park in Larnaca, and €44 million for upgrading public passenger transport infrastructure and supporting the transition towards electric mobility.

Almost €2 million, she added, has been invested in the “Evagoras” integrated information system aimed at developing digital municipal services.

The Commission’s Director-General said these investments form part of the EU’s wider effort to support regions, create opportunities and ensure that citizens can remain in the communities where they live.

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