The Research and Innovation Foundation (RIF) has announced an additional €18 million in funding for research and innovation, alongside a strategic reallocation of its budget. This move underscores the Cypriot government’s commitment to scientific excellence, technological advancement, and innovative entrepreneurship as key drivers of economic growth and global competitiveness.
Targeting High-Impact Sectors
The new funding will be directed towards critical areas, including Research Infrastructures, Artificial Intelligence in the Public Sector, and Innovative Product Production Lines. By focusing on these cutting-edge fields, Cyprus aims to strengthen its research ecosystem and accelerate technological development.
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Streamlining Operations, Accelerating Growth
Beyond securing increased funding, RIF has introduced transformative reforms to enhance efficiency. Payment processing times have been slashed from 275 days in 2019 to just 61 days in 2023, while contract conclusion timelines have dropped from 21 months to just seven over the same period.
These operational improvements coincide with a significant expansion of RIF’s overall budget, which has grown from €130 million (2014-2020) to €229 million by the end of 2025. Notably, funding for cutting-edge research has also doubled, reflecting the government’s strategic focus on innovation.
Expanding Key Programmes
Several flagship initiatives have seen major financial boosts:
- Excellence Hubs: Funding increased from €17.6 million to €25 million (2021-2027).
- Vision ERC: Previously unfunded, now allocated €2.5 million.
- Bridge2Horizon: A program that started with no budget now receives €8.6 million.
These investments have already yielded results, with public-private partnerships rising from 21% in 2021 to 29% in 2024, with expectations for further growth in 2025.
Championing Gender Equality In Research
The latest funding call for postdoctoral researchers saw over 60% participation from female scientists, marking a significant step toward gender equality in research and supporting the national effort to promote women in STEM fields.
Building A Globally Competitive Innovation Hub
With its Research & Innovation Strategy 2024-2026, RIF aims to create a unified and globally competitive ecosystem, positioning Cyprus as a prime destination for high-value investments in research and technology. The latest funding boost is a decisive step in that direction, reinforcing the nation’s role in shaping the future of science and innovation on the global stage.
