Cyprus joins second phase of European Tech Champions Initiative

The Republic of Cyprus has joined the second phase of the European Tech Champions Initiative (ETCI 2.0), supported by a coalition of 27 countries. Launched in Brussels on the sidelines of the ECOFIN meeting, the initiative is managed by the European Investment Bank (EIB) Group. The project aims to mobilize up to €80 billion in funding to support more than 1,500 European technology companies. Finance Minister Makis Keravnos stated that the program is designed to enhance European technological sovereignty, innovation, and competitiveness. By providing better access to growth capital, the initiative intends to help startups scale internationally while maintaining their operations within Europe. The program also facilitates increased cooperation between national and European investment bodies. This phase builds upon the previous goals of ensuring strategic economic resilience and sustainable development across the European Union.