Cyprus allocates over €500 million to support business digital and green transition

On Thursday, September 10, 2026, Cyprus’ Minister of Energy, Commerce and Industry, Michael Damianos, announced that over €500 million has been secured for the 2021–2027 period to facilitate the green and digital transition of local businesses. The statement was made during the 1st Cyprus IT Directors Forum, which is part of the 3rd Cyprus Tech Summit.

The allocated funding supports various sectors, including entrepreneurship, industrial development, energy efficiency, the circular economy, and overall digital transformation. Through specific grant schemes, the ministry aims to help businesses modernize their infrastructure, improve productivity, and enhance their international competitiveness. By fostering a sustainable business environment, the government intends to attract investments and encourage the adoption of innovation.

Minister Damianos highlighted artificial intelligence, cybersecurity, and human resource development as the primary challenges currently facing the business landscape. The ministry's strategy focuses on ensuring that technological adoption leads to long-term sustainable growth rather than simply integrating new tools without a broader objective. Ongoing efforts are directed at creating a framework that simplifies the transition to modern business models for companies across the island.