The European Commission launches new scheme to support Turkish Cypriot businesses

The European Commission has launched a new project in collaboration with GIZ International Services, the German Agency for International Cooperation, to support private sector development in the Turkish Cypriot community and boost Green Line trade. The EUR 4 million, 2-year project is fully funded by the EU aid programme for the Turkish Cypriot community and will contribute to efforts for the reunification of the island.

The project will focus on integrating Turkish Cypriot companies into the island-wide economy and the EU’s single market. Planned support shall narrow the gap between production standards in the Turkish Cypriot community and the rest of the European Union. The competitiveness of businesses will be boosted by increasing the level of digitalization of businesses and improving the sustainability of production. The project will also contribute to ensuring that goods and/or services traded by Turkish Cypriot companies across the Green Line are compliant with EU standards.

SMEs and start-ups will have access to grants as well as to trainings, mentoring, and business development programmes under the new project. Information about upcoming grants and training opportunities will be announced on the EU Infopoint website.

Since 2006, the Commission has been supporting Turkish Cypriot businesses with over EUR 25 million in grants. The next round of grants will be announced during the summer of this year, with continuous complementary technical support provided to beneficiaries throughout the entire duration of the project.