The Cyprus Ministry of Energy, Commerce and Industry (YEEB) has announced the launch of the second phase of its Digital Enterprise Modernisation Programme.
According to the ministry's press release, the programme aims to encourage investment in digital entrepreneurship and strengthen the integration of digital technologies in companies established or to be established in Cyprus.
The total budget for the new phase of the programme will be €14 million. The money will be provided by the EU's European Regional Development Fund (ERDF), the Cypriot government and the EU's Recovery and Resilience Fund.
Existing small and medium-sized enterprises that will incur expenses in the category of digital modernisation (including e-commerce) will be eligible to participate in the state programme, as well as new small and medium-sized enterprises whose investment proposals must include e-commerce and/or the use of advanced digital technologies.
Beneficiaries will be entitled to a state subsidy of 50% of their expenditure, up to a maximum of €50,000. For companies operating in mountainous and less-favoured areas, the aid will be 70% (up to a maximum of €70,000).
The money can be used for the following purposes:
- Equipment necessary for digitalisation.
- Off-the-shelf software.
- Specialised software.
- IT systems, programmes and services.
- Other digital modernisation costs not directly related to IT systems.
Applications for participation in the State Programme will be accepted in electronic form only until 20 May 2025 and will be evaluated on a priority basis until the available budget is exhausted.
Detailed information on the programme is available on the website of the Ministry of Energy, Trade and Industry at www.meci.gov.cy.