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Cyprus HRDA Launches Pivotal EU-Funded Training Initiative for NEETs

The Human Resource Development Authority of Cyprus (HRDA) has embarked on a major initiative aimed at transforming the prospects of young people classified as NEETs (not in education, employment, or training). Through a public tender process, HRDA has formalized an agreement with the M.M.C Management Center Ltd and EDITC Ltd Consortium to implement comprehensive training programmes across Cyprus.

EU-Funded Programme Under the Cohesion Policy

The project, entitled “Training Programmes For Young People Not In Education, Employment Or Training (NEETs),” is executed under the Cohesion Policy Programme “Thalia 2021-2027” and benefits from co-funding by the European Union. The initiative is set to reach 2,800 young individuals across all provinces, with a target completion date of October 15, 2028.

Comprehensive Curriculum Designed For Modern Workforce Demands

The training modules have been meticulously designed to cover essential areas, ranging from fundamental linguistic and mathematical proficiency to advanced horizontal skills. These horizontal competencies include communication, problem-solving, critical thinking, teamwork, time management, creativity, interpersonal relations, as well as practical job-related skills such as curriculum vitae preparation and interview techniques.

Eligibility And Support Measures

The programmes are open to individuals aged 15 to 29 who are registered as NEETs and are currently listed as unemployed in the register maintained by the Public Employment Service (PES) of the Ministry of Labour and Social Insurance. Importantly, participants will not bear any costs for the training. In addition to receiving a training allowance, they will also be provided with supplemental financial support to cover travel and other related expenses.

Driving Economic and Social Transformation

This initiative is not only a significant move towards enhancing the employability of Cyprus’s youth but also reinforces the country’s commitment to fostering inclusive growth and social development. By equipping young people with essential skills and competencies, the programme positions them to navigate the evolving demands of the modern labour market.

doValue Cyprus Strengthens Market Leadership With New Astrobank Portfolio

Expanding Market Influence

Loan and real estate management firm doValue Cyprus has significantly reinforced its domestic presence in non-performing loan servicing by acquiring a new portfolio from Astrobank Public Company Limited. This development follows Astrobank’s recent transition, marked by the transfer of key operations to Alpha Bank Cyprus Limited and the subsequent surrender of its banking licence.

Strategic Acquisition And Swift Execution

Finalized on November 3, 2025, the agreement underscores a decisive strategic shift as doValue Cyprus assumes management of Astrobank’s remaining portfolio. The immediate commencement of portfolio management is a testament to the firm’s commitment to delivering specialized, resilient solutions within the non-performing loan market.

Expertise Driving Market Growth

Chief Executive Officer Varnavas Kourounas emphasized that the latest portfolio acquisition not only expands the firm’s operational footprint but also validates its credibility and deep expertise in the competitive Cypriot financial sector. The strategic move is aligned with the broader growth ambitions of the doValue Group.

Broader Market Implications

Operating as part of the international doValue Group—the largest independent loan and real estate management organization in Southern Europe—doValue Cyprus is well-positioned to leverage its newly expanded portfolio. With approximately €136 billion in assets under management, the group maintains a dominant presence across Italy, Greece, Spain, Portugal, and Cyprus. Moreover, its subsidiary, Altamira Real Estate, runs Cyprus’ largest real estate platform, managing extensive property portfolios alongside the island’s most comprehensive sales network.

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