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EU boosts Turkish Cypriot SMEs

The European Commission announced on Wednesday that 47 new contracts have been signed to subsidise Turkish Cypriot small to medium enterprises (SMEs) as part of the EU assistance programme for the Turkish Cypriot community.

The Commission said the main goal of the tender for SMEs was to enhance and improve their competitiveness as a measure of boosting the labour market and of preserving natural resources.

The projects which received EU grants promote business excellence through the modernisation of production processes, and products and services offered, a Commission statement said.

They also aim at establishing European standards on quality and the environment, energy efficiency, and measures promoting renewable energy sources, environmental protection and IT.

At the same time, the press release says, they encourage further cooperation between Turkish Cypriot and Greek Cypriot businesses.

A total of €6.5 million have been disbursed so far in grants in the framework of the EU assistance programme to the Turkish Cypriot community.

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