State Grant Fuels Cyprus Innovation Hub Ambitions

by THEFUTURE.TEAM

April 20, 2026

State Support Strengthens Cyprus Innovation Ambitions

State Aid Commissioner Stella Michaelidou has approved a government grant for the Plug and Play Cyprus Innovation Centre, supporting Cyprus’ ambition to position itself as an innovation hub in the Eastern Mediterranean. Funding will cover operational needs and strategic initiatives, reinforcing the development of the local startup ecosystem.

Robust Funding Framework

Approved support is structured to cover a wide range of costs, including staff salaries, administrative expenses, promotional activities, and specialised services. An agreement signed between the Research and Innovation Foundation (RIF) and Plug and Play Cyprus also enables access to expert consulting and mentorship, strengthening the centre’s operational capacity.

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Sustainable Operational Support

Additional funding will support facility management and the organisation of training programmes, workshops, and industry events. These initiatives are expected to enhance knowledge exchange, expand professional networks, and contribute to the long-term sustainability of the innovation ecosystem.

Strategic Vision For Eastern Mediterranean Innovation

Grant aligns with broader national priorities aimed at strengthening Cyprus’ role in technology and business innovation. Focus remains on three core pillars: business acceleration, corporate innovation, and research collaboration. This approach is designed to support local startups while attracting international partners and expertise.

EU Regulatory Alignment

The measure is implemented under the European Union’s regulatory framework, specifically Commission Regulation (EU) No 651/2014, which defines state aid compatible with the internal market. Funding validity extends until December 31, 2026, ensuring compliance with EU economic policy standards.

Implementation And Next Steps

Plug and Play Cyprus, as the sole beneficiary, is expected to use the funding to expand services, strengthen operations, and deepen ecosystem integration. Decision Number 481 has been published in the Official Gazette of the Republic on April 17, 2026, confirming formal approval of the measure.

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Eurobank Wins Two Euromoney Awards Following Cyprus Merger

by THEFUTURE.TEAM

July 17, 2026

Eurobank has been named Cyprus’ Best Bank for 2026 by Euromoney, while also receiving the award for Best Bank for Large Corporates at the publication’s latest Awards for Excellence.

Merger Marks A Milestone

The awards recognise the bank’s performance during 2025, a year marked by the completion of the legal merger between Hellenic Bank and Eurobank Cyprus. The transaction created Eurobank Limited, which the group says is now Cyprus’ largest banking and insurance organisation, with assets exceeding €28 billion.

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Euromoney’s Awards for Excellence evaluate banks’ performance over the previous calendar year, with this edition covering January 1 to December 31, 2025.

Lending, Customers And Digital Growth

Eurobank said its business lending portfolio expanded by around 17 per cent during 2025, while its customer base grew to more than 710,000 retail clients and 11,500 business customers.

The bank also continued its digital expansion, saying more than 96 per cent of transactions are now completed through digital channels, and most financing applications are submitted via its mobile app.

Expanding International Presence

Eurobank also highlighted the opening of its first representative office in India, describing the move as a step toward strengthening business links between Cyprus and India while supporting Cyprus’ role as a gateway to the European Union for Indian businesses and investors.

According to the bank, Euromoney recognised not only the successful completion of the merger but also its lending growth, digital transformation and contribution to Cyprus’ position as an international business and investment hub.

CEO On The Awards

“The Euromoney awards confirm Eurobank’s strong momentum and the successful implementation of our group’s strategy in Cyprus,” Chief Executive Michalis Louis said.

He said the merger strengthened the bank’s ability to support households, businesses and the wider economy, while highlighting continued investment in digital services and the opening of the representative office in India as key milestones during the year.

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