Cyprus has embarked on an ambitious journey with the THALIA 2021-2027 programme, securing a record €1.8 billion, the largest since joining the EU in 2004.
With the European Commission’s approval in July 2022, €969 million in EU funds will complement the rest from Cyprus’ national budget. Already, €600 million has been put to work in over 100 projects, either completed or in progress.
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Projections are promising with a potential 6% GDP boost and 8,500 new jobs by 2029, concentrating on green, digital, local development, job creation, and social inclusion initiatives.
Building on the momentum from the 2014-2020 period, Cyprus led the EU in fund absorption, channeling €880 million for public investment, fueling 24,000 jobs and 6% GDP growth.
In Nicosia, projects have revitalized Eleftheria Square, upgraded Aglantzia Avenue, and restored the Municipal Theatre. Larnaca has seen new municipal markets and cultural spaces.
Paphos projects include the Ibrahim Khan restoration and Kennedy Square upgrades. Limassol focuses on port enhancements.
Key undertakings include the Stelios Ioannou Library and the Green Points network across Cyprus. Future THALIA projects aim at energy efficiency, local growth, youth entrepreneurship, and social inclusion.
With 160 projects expected by 2029, Cyprus is set to make a transformative leap forward.
