CYPRUS: EBRD to support SMEs in the hospitality industry

The hospitality sector is under pressure and going through changes which the Cyprus industry needs to see coming and adapt to.

The role of the small and medium-sized enterprises in reshaping the hospitality industry in Cyprus was the subject of a conference organised in Larnaca, by the European Bank of Reconstruction and Development (EBRD).

Alexander Paine Associate Director EBRD London said that the hospitality industry “is constantly under pressure” and “is going through massive changes”.

“Whether it’s digitalization, whether it is the change in habits of what people want to see and do in a country, whether it is a new customer base, even new nations which we did not know some years ago and of course the geopolitics which constantly changes everything.”

The Government has signed an agreement with the EBRD on a programme aimed at supporting SMEs in Cyprus, said Constantinos Karagiorgis from the Ministry of Commerce, Industry and Tourism.

The programme has a total budget of EUR 2.15 mln over a three-years duration.

“It is expected to contribute to the improvement of the competitiveness of the enterprises and the strengthening of their ability to export through individualised consultancy services, as well as through educational programmes and seminars,” said Karagiorgis.