Cyprus announces EUR 52 mln aid package

The Cyprus cabinet, meeting under the auspices of President Demetris Christofias announced an “aid package” amounting to EUR 52 mln support the construction and tourism industries, so that they are not affected by the global financial crisis.
The measures include a sum of EUR40 mln euros for the implementation of the state development budget, the expedition of large development projects and emphasis on strengthening government housing programmes, providing additional funds to the municipalities and communities to implement local projects and simplify administrative measures and procedures to overcome bureaucratic red-tape.
Regarding tourism, he announced immediate measures to simplify the procedures for issuing entrance permits to persons from third countries, the creating of a number of consulates in high tourist interest countries, and the increase by an additional EUR12 mln of the state funds to the Cyprus Tourism Organisation for the promotion of
Cyprus as a quality holiday destination.
President Christofias sent positive messages regarding the Cypriot economy and announced his intention to meet with the Governor of the Central Bank, the Minister of Finance and the leaderships of banks, to examine the possibility of fluidity problems.
Friday's meeting was attended by the Minister of Finance, the Minister Commerce, Industry and Tourism, the Minister of Labour and Social Insurance, and the Minister of Communications and Works.
President Christofias said the Government was investigating the possibility of using EU funds to support small and medium sized enterprises.