The Ministry of Energy, Trade and Industry has announced that the 2nd announcement of the Business Digital Upgrade Plan is being accelerated for January 2023, due to the huge interest that was noted during the 1st announcement.
As stated in the Ministry's press release, the huge interest of businesses was gathered by the 1st call for the Sponsorship Plan for Digital Business Upgrade, the announcement of which was announced on October 31, 2022.
As a result of the great interest, the available budget of call, which amounted to €10 million, was covered from the first day of the opening of applications which was November 8, 2022.
"Following this development, the Ministry of Energy, Trade and Industry is pleased to announce that it is bringing forward to January 2023 the 2nd announcement of the Plan that was scheduled for June 2023, so as to benefit as many as possible small and medium-sized enterprises on their way to digital transformation», it states.
The budget of the 2nd call will amount to €10 million with the possibility of submitting proposals for €14 million so that if savings occur during the evaluation of the proposals, the runners-up will have the opportunity to benefit. The funding will come from the National Recovery and Resilience Plan "Cyprus_Tomorrow".
During the first announcement, which was co-financed by the European Regional Development Fund (ERDF) and the Republic of Cyprus within the framework of the THALEA 2021-2027 Program and the Cohesion Policy in Cyprus, 365 applications were submitted, from existing and new businesses. The process was carried out through the YEEB's electronic Grant Scheme System (http://fundingapps.mcit.gov.cy) and the evaluation of the applications will be based on the order in which the proposals are submitted. The average investment proposal is around €55,000, well below the maximum amount of €100 thousand that was set as a ceiling. The intensity of the sponsorship amounts to 50% of the eligible budget of each investment proposal and to 60% for companies established in mountainous and disadvantaged areas.
A 3rd announcement of the Plan, for another €10 million,  ; is scheduled for the second half of 2024.
The Ministry of Energy, Trade and Industry expresses its satisfaction with the readiness of Cypriot businesses to respond to the call of the Government, which through the "Cyprus_To Tomorrow» focuses on the green and digital transition, with the ultimate goal of increasing the resilience and competitiveness of the Cypriot economy for the benefit of the entire country.
Source: KYPE
