First introduction to the new Subsidies’ Schemes of the Ministry of Energy, Commerce & Industry for the Programming Period 2021-2027

26/01/2021

The first two subsidies’ schemes to be announced shortly by the Ministry of Energy, Commerce and Industry concerning the strengthening of the competitiveness of small and medium-sized enterprises in the manufacturing sector and the energy upgrading of housing, presented today by Minister Natasa Pilides, during an online workshop organized by the Ministry. The schemes are co-financed by the European Union and the Republic of Cyprus.

 

The first announcement of the scheme entitled “Strengthen the Competitiveness of Small and Medium-sized Enterprises in the Manufacturing Sector and Other Targeted Economic Activities” will be made on 9 February 2021, for total grants of €25 million. Beneficiaries can be new or existing small and medium-sized enterprises in the manufacturing sector. The scheme guide has already been made public and interested parties can download it here.

 

With regard to the “Save – Upgrade for Residences” scheme, the first notice is scheduled for 9 March 2021, for total grants of €30 million. Beneficiaries are natural persons, owners of existing dwellings. For more information about the “Save – Upgrade for Residences” Scheme click here.

 

Talking about the new subsidies’ schemes of the Ministry of Energy, Commerce and Industry, Mrs. Pilides explained that the plan is, with the beginning of the new Programming Period 2021-2027, to financially support households and businesses, with the ultimate goal of restarting the economy and gradually transitioning to green growth.

 

Starting with the two schemes to be announced in the next few weeks, the Minister stressed that in 2021 more than €90 million will be allocated, out of the total €400 million budgeted for the seven-year period. The Minister noted that the scheme to “Encourage New Entrepreneurship” (€15 million), covering popular youth and female entrepreneurship projects, as well as the scheme for “Investments in the Wine Sector” (€2 million), will follow in the first half of 2021, while in the second half the schemes for “Agricultural Product Processing” and “Digital Business Upgrade” will be announced.

 

Referring specifically to the “Save – Upgrade for residences” scheme, the Minister underlined the multiple benefits of energy upgrading of buildings for consumers, pointing out that a total of €70 million will be given for this purpose for the period 2021-2027, while an additional €7 – €8 million will be provided for this purpose. Eur 1 million per year will be provided as incentives, through the Special Fund for RES & ES for energy upgrades and for the installation of Renewable Energy Sources.

 

“Small and medium-sized (SMEs) enterprises in the manufacturing sector” subsidy scheme

 

Presenting the details of the plan to enhance the competitiveness of small and medium-sized enterprises, the Director of the Industry and Technology Service of the Ministry of Energy, Commerce & Industry, Mr. Christos Photiades, said that each company (accepted in the scheme) can be granted a maximum amount of €200 thousand. The subsidy makes up 60% of the eligible costs. The categories of eligible costs cover, inter alia, the construction, extension and configuration of buildings, the purchase of new equipment and machinery, and means of transport.

 

“Save – upgrade for residences” subsidy scheme

 

A large number of participants in the workshop enquired about the housing energy upgrade plan. As the officer of the Industry and Technology Service, Mr. Andreas Lizides pointed out, in his presentation, that the applications will be submitted and examined electronically, only, and are simplified both in terms of required certificates and in the way sponsorship is calculated. The sponsorship rate amounts to 60% of the total eligible budget, while to vulnerable consumers the rate increases to 80%.

 

For more information please read the Ministry’s latest announcement here.

 

For downloading the presentation and other multimedia material and documents please visit this link.

 

For downloading the guide for the “Strengthen the Competitiveness of Small and Medium-sized Enterprises in the Manufacturing Sector and Other Targeted Economic Activities” click here.