The EU Cohesion Policy has been a key instrument in ensuring sustainable economic growth and improving the quality of life in Cyprus over the last two decades. Thanks to this policy, the country has been able to implement large-scale projects aimed at developing infrastructure, modernising social services and supporting vulnerable groups. The implementation of such projects would not have been possible solely through national funding.
What is the THALEIA 2021-2027 program?
“THALEIA 2021-2027” is a new seven-year investment initiative that aims to meet the real needs of Cyprus. The budget of the program is €1.8 billion, of which €969 million is provided by the European Union and the rest comes from the national budget. The program was approved in 2022 and covers many areas, including energy, education, social inclusion, and support for small and medium-sized enterprises.
Main priorities of the program
The programme focuses on five key priorities identified by the European Union:
- Increasing energy efficiency and using renewable energy sources. More than €800 million is allocated to projects related to improving the environmental situation and modernizing the energy system. By 2029, the share of renewable energy sources in the national energy balance will reach 30%.
- Support for small and medium-sized businesses, digitalization and innovation development. More than €300 million has been allocated for this purpose. It is planned to create 900 new jobs in the field of scientific research and provide financial assistance to more than 2,000 companies.
- Development of transport infrastructure. More than €30 million has been invested in projects related to the creation of modern transport hubs and the improvement of public transport. In particular, electric buses and modern stop systems are being introduced.
- Combating poverty and social inequality. Around €400 million will be allocated to employment programmes and social initiatives. More than 6,400 young professionals will be trained and integrated into the labour market, and around 5,000 people with disabilities will have access to improved social services.
- Community development: More than €150 million has been allocated to municipalities, helping to create new green spaces and modernise urban infrastructure.
Program achievements
To date, more than 100 projects have been implemented or are nearing completion within the THALEIA 2021-2027 program. Key achievements include:
- Construction of energy efficient schools and educational institutions.
- Upgrading water supply infrastructure, connecting 130,000 people to upgraded systems.
- Creation of new public spaces and green areas that will serve approximately 45,000 residents annually.
- Implementation of digital technologies in the public sector, which has improved access to services for over 133,000 people.
- Anti-flood measures that will ensure the safety of 100,000 residents.
The implementation of the THALEIA 2021-2027 program is estimated to result in a 6% increase in Cyprus’ GDP and the creation of 8,500 new jobs. This will form the basis for the country’s ecological and sustainable development, contributing to an improvement in the standard of living of its citizens.
Text based on materials from www.inbusinessnews.reporter.com.cy.com, photo pixabay.com
