COVID19: Turkish Cypriots to get €11 mln emergency EU support

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Brussels is initiating a series of new economic measures worth €11 mln to help address broader socio-economic impact of the Covid-19 pandemic in the Turkish Cypriot community.

This package includes support for structural business reforms, grants for micro-businesses and industry, and direct investments for energy efficiency measures to stimulate green growth and jobs said the European Commission representation in Cyprus.

The first activities should commence in July 2020.

“Emergency economic support measures aim to help avoid a deep and protracted socio-economic crisis in the Turkish Cypriot community,” said a statement.

Subject to the adoption of the financing decisions, the measures will be implemented through grants to small businesses, structural business reform and job creation through investment in energy efficiency infrastructure.

The proposed Emergency Economic Support Package comprises the following elements:

Grant funding for small businesses with the aim to help “kick-start” the economy and prevent the closure of otherwise viable companies.

The proposed budget reallocation is €3 mln for micro-businesses and €3.5 mln for the small industrial companies.

“Promotion of social and economic development through economic monitoring and studies implemented by the World Bank will continue to support a recovery plan with targeted assistance on improving the business environment with a strong green energy component, as a response to the economic crisis caused by the Covid-19 pandemic.”

The proposed budget reallocation for this component is €1 mln.

The current flagship project, “Energy Efficient Schools,” will be complemented by a comprehensive programme to promote development towards a greener economy and job creation by upskilling the local labour force and developing innovative and sustainable solutions.

The proposed budget reallocation for this component is €3.6 mln.