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Recovery plan to help GDP grow by 16.5 per cent

Recovery Plan

The Cyprus Investment Funds Association (CIFA), supported by Invest Cyprus, organised and ran an online workshop explaining the intricacies of the EU Recovery and Resilience plan for Cyprus.

A number of experts spoke at the workshop, delving into the plan’s finer details, and extolling its positive effects following a potentially successful implementation.

Head of Strategy, Coordination and Communication at the Ministry of Finance Irene Piki mentioned that the plan’s impact on the Cypriot economy is ‘particularly important since estimates show that it will help GDP grow by 16.5 per cent over the next 20 years’.

European Programmes, Coordination and Development office general manager Theodosis Tsiolas spoke on the plan’s basic provisions.

Tsiolas commented that one of the plan’s core principles is the promotion of structural changes which will ultimately help drive investments while having a positive environmental impact.

Philippa Kelly, Head of Financial Services Faculty at the Institute of Chartered Accountants in England and Wales, paid particular mention to the plan’s key role in shaping the finance sector and facilitating the circular economy.

andreas yiasemides
CIFA president Andreas Yiasemides

Invest Cyprus chairman Ioannis Matsis cautioned that for the private sector to flourish, the state must first create the required infrastructure, including the modernisation of public services and a reformed justice system.

CIFA was represented at the seminar by its president Andreas Yiasemides.

Yiasemides, alongside Invest Cyprus Deputy Director General Marios Tanousis, said that both organisations will carry on organising such events in the future so that the public remains informed.

The workshop, attended by private and public sector workers, as well as members of the public, had the opportunity to find out more on the practical implications of the plan, as well as its effectiveness and importance for Cyprus.

The plan has already been approved by the European Union and involves a number of reforms and funding for projects between 2021 and 2023, with a view of implementing the plan’s vision and objectives by 2026.

 

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