A grant scheme to boost business activity within British bases territory was approved by cabinet on Wednesday, following a proposal by Energy and Commerce Minister George Papanastasiou.

This marks the second announcement for the grant scheme, which comes with a €500,000 state budget.

The grant will be up to 70 per cent for young men and women aged 18-29 years old, while for men aged 30-50 and women aged 30-55 it will be up to 60 per cent.

The grant is calculated on the basis of the investment costs (equipment, special facilities, construction, purchase and renovation/configuration of building spaces, promotion and other expenses), with a maximum eligible budget per company of €120,000.

The scheme seeks to ensure equal treatment for citizens of the Republic and aims to develop, support and promote entrepreneurship, according to the energy ministry.

It seeks to put an emphasis on specific groups of the population, such as young people and women, who wish to be active in business in the sectors of manufacturing, services and tourism, making use of their knowledge, experience, training and talents.

Those interested can obtain the scheme guide, which contains all the details, the list of supporting documents, as well as other required forms or documents, from the commerce ministry website and, particularly, from the Industry and Technology Service section.

Applications and proposals will only be submitted online through the ministry website. Details for the deadline will be announced soon, when there is an official call for proposals.

For more information, those interested can contact the relevant officials at 22867178/156/317/109/194.