Cabinet allocates €14.4 million for circular economy drive in Cyprus SMEs

The Cabinet this week approved a circular economy scheme for small and medium enterprises (SMEs), following a proposal by a proposal by the Minister of Energy, Commerce and Industry George Papanastasiou.

The scheme is included in the Cyprus Recovery and Resilience Plan for the period 2021-2026 and will be financed by the Recovery and Resilience Facility of the European Union (EU).

Specifically, the total amount that will be allocated for the needs of the scheme during its implementation period amounts to €14.4 million.

According to an announcement by the ministry, the scheme aims to support existing and new small and medium enterprises by reinforcing new circular economy investments, in order to make their products, production processes, and business practices more environmentally friendly.

In more detail, the financial support consists of providing sponsorship for specified eligible costs, related to the transition or launch of a business based on a circular business model.

However, it is important to note that activities related to the sectors of fishing, aquaculture, and primary production of agricultural or livestock products, as well as the production of wine and vinegar, included in part II of Annex VII of Regulation (EU) 1308/2013, are not covered by the scheme.

Additionally, the maximum total amount of sponsorship that can be granted to an SME is capped at €400,000.

Those interested can obtain the scheme guide, which contains all the details, from the industry and technology service website.

It should be noted that any applications from the prospective beneficiaries will be submitted at a specific time specified in the relevant call for proposals. The submission period details will be announced soon.