The bill that provides for the establishment and operation of the Cyprus Enterprise Development Organisation, for the purposes of enhancing access to financing for small and medium-sized enterprises and start-ups and the self-employed, as well as covering the financial gaps in the market, within the framework of the Recovery and Resilience Plan, has received unanimous approval by the House Plenum.
The Cyprus Enterprise Development Organisation is considered to be an important reform initiative to strengthen competitiveness, innovation, extroversion and the green and digital transition of the economy.
An initial state capital of €60 million is foreseen for its establishment, while the passing of the legislation is a prerequisite for the fulfillment of a milestone of the Recovery and Resilience Plan, in view of submitting a request for the ninth and final tranche of funding from the European Commission.
(Source: InBusinessNews)
