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Grant Scheme Announced To Strengthen New Business Activity In British Bases Areas

A second announcement of a grant scheme to strengthen new business activity in areas within the British Bases has been approved by the Council of Ministers following a proposal by the Minister of Energy, Trade and Industry George Papanastasiou.

According to a press release by the Ministry, the scheme, which was prepared for equal treatment of citizens of the Republic, aims to develop, support and promote entrepreneurship, placing an emphasis on specific groups, such as young people and women, who wish to be active in business in the sectors of manufacturing, services and tourism, making use of their knowledge, experience, training and talents.

The grant will be up to 70% for young men and women aged 18-29 years, while for men aged 30-50 and women aged 30-55, it will be up to 60%. The grant is calculated on the cost of the eligible costs of the investment (equipment, special facilities, construction, purchase and renovation/configuration of building spaces, promotion and other expenses), with a maximum eligible budget per company of €120,000.

The total budget to be allocated for the needs of the 2nd announcement of the scheme amounts to €500,000 and comes from the state budget.

Those interested can obtain the scheme guide, which contains all the details, the list of supporting documents, as well as other required forms or documents, from the Ministry’s website and, particularly, from the website of the Industry and Technology Service.

It is noted that the applications/proposals from the beneficiaries will only be submitted through the electronic system of sponsorship plans of the Ministry of Energy, Trade and Industry, in a specific period that will be determined in the relevant call for proposals, which will be announced in the next period.

For more information, those interested can contact the relevant officials at 22867178/156/317/109/194.

Digital Transactions: A Green Approach To Finance In Cyprus

As Cyprus increasingly embraces digital transactions, the environmental benefits of this shift are becoming evident. A recent report highlights that digital payments significantly reduce the carbon footprint associated with traditional banking operations. By decreasing the reliance on physical branches, paper-based processes, and the transportation of cash, digital transactions are contributing to a more sustainable financial ecosystem. This transition is in line with global initiatives to combat climate change and underscores Cyprus’ commitment to promoting a cleaner, more efficient financial landscape.

Digital transactions are not only more convenient and efficient but also significantly less resource-intensive. Traditional banking often involves extensive paperwork, the use of physical infrastructure, and the transportation of money, all of which contribute to higher carbon emissions. In contrast, digital transactions streamline these processes, resulting in lower energy consumption and reduced waste.

The environmental advantages of digital transactions are complemented by their economic benefits. By lowering operational costs and enhancing transaction speed and security, digital payments provide a compelling case for broader adoption. This shift supports sustainable development goals and aligns with the global push towards greener, more resilient economies.

Furthermore, the widespread adoption of digital transactions in Cyprus is expected to drive innovation within the financial sector. With the integration of advanced technologies such as blockchain and artificial intelligence, the digital financial landscape is set to become even more efficient and secure. These innovations not only enhance user experience but also contribute to environmental sustainability by further reducing the need for physical resources.

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