Ministers of Interior Nikos Nouris and Commerce Natasa Pilides highlighted on Monday the benefits of the €1.2 billion Cyprus National Recovery and Resilience Plan 2021/2027, which has been submitted to the European Commission.

They were addressing an event organised by the Cyprus Chamber of Commerce and Industry (CCCI) in cooperation with Enterprise Europe Network (EEN).

Nouris said that the reforms and investments that the government has included in the Plan can change Cyprus, while Pilides said that the aim of the Plan is to help entrepreneurship adding that the government`s vision is to turn the crisis into an opportunity.

Nouris said that 1.4 billion is the amount that will emerge from the mobilisation of private funds from a series of 134 reforms and investment programmes and measures, while 1.8 billion concern the EU Cohesion Fund, i.e. the “THALIA” program.

The Minister of the Interior referred to the creation of 11,000 jobs during the period of implementation of the Recovery Plan, adding that employment will increase by 2.5% in the next five years and productivity will reach up to 27% of GDP in the medium term.

He noted that in some cases the EU will fund by 100% the necessary expenditure, noting that this is subject to the approval by the House of Representatives of the selected reforms.

Nouris referred to the pillars of the program which concern his Ministry, saying that the first is Public Health and Civil Protection with a budget of 74 million euros, adding that the Ministry will receive €4.5 million for Civil Defence, “which needs significant improvement”.  The second pillar is about Green Economy with a total  amount of €447 million.

Referring to the third pillar, which is about strengthening  the resilience and competitiveness of the economy with €449 million,  Nouris said that the Ministry of Interior will invest in digital transformation, adding that the first thing would be to strengthen the electronic system which issues construction permits.

The fourth pillar which is about reforms, aims at the creation and investment in the program for smart cities, while the 5th one is for the Ministry of the Interior which is in a process of informing the Local Authorities and funds will be allocated for the creation of multifunctional child care centres.

Meanwhile, in her presentation, the Minister of Commerce said that the Ministry will raise from EU funds €550 million for the next seven years, of which 61% will be for the green economy and 38% for business ie reforms to strengthen the circular economy and circular entrepreneurship.

She said that from the Recovery Fund there are €77 million for the support of companies (business digitisation, strengthening the competitiveness of big companies). She also announced that the entire electronic system of the Registrar of Companies is being upgraded and will be ready by the end of year.

The Minister noted that one industrial zone will  become an industrial area for specific high-tech or value-added industries.

She also said that out of the €550 million, the €121 m are already running and have to do with plans announced in the last four months.