The agriculture ministry on Wednesday informed the cabinet that it would be allocating funds exceeding €70 million, part of which will be used to attract young people to farming.
The decision has been taken in collaboration with the Cyprus Agricultural Payments Organisation (Capo).
More specifically, the ministry will allocate a total of €31 million to potential investments in livestock farms, whereas €5 million will be reserved for schemes specifically for young farmers. The rest of the funding is for schemes that are yet to be announced.
According to the agriculture ministry, there is a particularly high interest among the youth in Cyprus to invest and work in the primary sector.
“After examining all the relevant data, the agriculture ministry decided to increase its budget from €36 million, as originally planned, to €70 million to approve all eligible applications that meet the requirement criteria,” the ministry said.
“Supporting young farmers is a primary goal for the ministry, since they represent the future of Cypriot agriculture.”