The State Aid Control Commissioner, Stella Michaelidou, has issued a Decision on State Aid regarding a state grant to the Plug and Play Cyprus Innovation Center, intended to cover the Center’s operating expenses, such as staff salaries, general operating expenses, promotion of activities, and the purchase by Plug and Play Cyprus of services from mentors, experts, etc.
According to a statement, the competent authority responsible for implementing the notified Measure is the Research and Innovation Foundation (RIF), and the Measure consists of the Funding Agreement between RIF and the Plug and Play Cyprus Innovation Center and its Annexes.
As noted, the Measure aims to achieve the goal of establishing Cyprus as the leading innovation hub in the Eastern Mediterranean through the three core service pillars to be provided by Plug and Play Cyprus, namely Business Acceleration Programs, Corporate Innovation Services, and Services to Research Organizations.
The beneficiary of the aid under this Measure is Plug and Play Cyprus, while the EU legal basis for the Measure under the above Decision is the “Regulation (EU) No. 651/2014 of the Commission of June 17, 2014.
Decision No. 481 will be posted on the website of the Office of the State Aid Control Commissioner and was published in the Official Gazette of the Republic on 17 April, 2026, the announcement concludes.
Also read: How Plug and Play's programmes in Cyprus will assist startups
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(Source: CNA)
