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New grants available to support business activity in Old Nicosia

The Ministry of Interior's Department of Urban Planning and Housing has announced the second Call for Applications for the Grants Scheme to Enhance Business Activity in the walled city of Nicosia.

The Grants Plan is part of the Action Plan for the Redevelopment and Revitalisation of Nicosia Within the Walls.

The Plan concerns the provision of financial assistance and is addressed to natural or legal persons, owners, tenants, or lessees of buildings (with the signed consent of the owners or the Guardian of Turkish Cypriot Properties), who carry out or will carry out economic activity, for the purposes of supporting business activity, in the area within the walls of Nicosia.

The main objectives of the Plan are the attraction of new businesses and the encouragement of existing businesses to move to the Plan's application areas, the encouragement of businesses already operating in the said areas to expand their existing facilities, the social and economic upgrading of the area, the upgrading of the built environment with the contribution to the circular economy and green development, the increase in traffic to Nicosia within the walls, as well as the creation of new jobs.

The Plan is financed by the State Budget of the Republic of Cyprus and the total amount that will be allocated for the needs of the Call for Proposals amounts to €10 million (€2 million/year). The Scheme will remain open until 31 December 2026 and potential beneficiaries will be able to submit applications during specific time periods, which will be defined in the relevant call for proposals.

The total budget for the 2nd Call for Proposals, announced on 31 July, 2023, amounts to €2 million. The amount of the sponsorship will amount to 60% of the eligible costs of each Proposal, with a maximum financial assistance amount of € 80,000 per project.

Applications under the 2nd Call of the Grant Scheme will be accepted from 31 July 2023 until 29 December 2023. Submission is carried out electronically , through the link: .

Applicants must meet specific criteria and conditions in order to be eligible, which are listed in detail in the Grant Scheme Guide .

For more information or technical assistance regarding the Grant Scheme, interested parties may contact the TPO as follows:

Sponsorship Scheme Information:

Elena Herodotou 22409838

Technical support for online application submission:

Andrea Herodotou 22409543

(Source: InBusinessNews)

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