Cyprus parliament reviews bill for new business development organization

The Cyprus Parliamentary Committee on Finance met on Monday to discuss a bill proposed by the Ministry of Finance to establish the Cyprus Business Development Organization (CBDO). The organization is intended to function as a public law entity aimed at addressing financing gaps for small and medium-sized enterprises (SMEs) and startups. This initiative is a milestone under the Cyprus Recovery and Resilience Plan, and its implementation is required to secure associated funding. Committee Chair Christiana Erotokritou expressed significant dissatisfaction regarding the late submission of the bill on June 25, noting that it must be voted on before the end of the current legislative session to avoid the loss of millions in state funding. The Ministry of Finance apologized for the delay, attributing it to the necessity of extensive consultations. The committee scheduled a clause-by-clause review for the following Monday to ensure the deadlines are met. The CBDO aims to formalize business support policies, emphasizing innovation and entrepreneurship while adhering to national and EU state aid rules.