Investing in Cyprus’ Future
The Cyprus Equity Fund, a joint initiative between the Cypriot government and the European Investment Fund, is set to kick off its first investments this autumn. With a budget of 37.5 million euros, the Fund aims to support entrepreneurship and innovation in Cyprus by filling the financial gap in these areas.
Bank of Cyprus Joins the Initiative
In a show of support for the Cyprus Equity Fund, the Bank of Cyprus has pledged €2 million as a founding investor. This partnership is a significant step towards boosting the growth of innovative and early-stage companies in Cyprus.
Paving the Way for Innovation
Launched by the Ministry of Finance, the Cyprus Equity Fund is the first of its kind in Cyprus. It will focus on investing in innovative startups and early-stage businesses, with the ultimate goal of bridging the equity financing gap in the local market.
Under the guidance of the European Investment Fund, the Cyprus Equity Fund is expected to play a crucial role in driving innovation and economic growth in Cyprus. The Fund is projected to reach a size of €37.5 million, providing much-needed support to the country’s budding entrepreneurs.
Investment in Digital Infrastructure for Economic Recovery
The government has allocated €27 million to invest in digital infrastructure as part of the national Recovery and Resilience Plan. This funding will support the development of high-speed internet networks and digital services to boost the country’s economic recovery.
The state’s contribution will be used to upgrade existing infrastructure and expand coverage to underserved areas. Private capital will also play a significant role in funding these projects, ensuring sustainable growth and innovation in the digital sector.