The Department of Town Planning and Housing on Monday issued the second call for proposals for a funding scheme aimed to enhance business activity within the walled city of Nicosia.

The scheme comes under the action plan for the regeneration and revitalisation of the ‘old town’ in the capital.

It involves “providing financial support to individuals or legal entities, owners or tenants of buildings – with the signed consent of the owners or of the Custodian of Turkish Cypriot Properties – who are carrying out or planning to carry out economic activity for the purpose of strengthening business activity, in the area within the walls of Nicosia.”

According to a statement, the scheme’s main objectives are: to attract new businesses within the walled city of Nicosia; encourage existing businesses to move to the scheme area; encourage companies already operating there to expand their existing facilities for the enhancement of their business activity; upgrade the social and economic status of the area; upgrade the built environment of the walled city of Nicosia while contributing to the circular economy and green development; make the area more attractive to people from the urban area of Nicosia and Cyprus overall; and create new jobs.

The scheme is funded by the state budget. A total of €10 million will be allocated through calls for proposals, for the amounts of €2 million per year.

The scheme overall will run until December 31, 2026. Eligible beneficiaries will be able to submit applications/proposals during specific time periods as these will be specified via relevant calls for proposals.

The total budget for this second call for proposals comes to €2 million. The grant will cover 60 per cent of the eligible expenditures of each proposal, with €80,000 set as the maximum amount given per project.

The application period for the current call will run from July 31 through to December 29 this year.

Last year, the first call for proposals opened on June 1, 2022 and closed on October 30, 2022.

Applications are done online only, at the following link:

Applicants must meet the criteria and conditions defined by the funding scheme guide in order to be eligible.

For more information, the following contacts are available: 22409838 for general queries or technical support, or 22409543 for assistance with filing an application.