Nicosia Launches €2M Grants Scheme for Entrepreneurs to Lease Spaces

Revitalizing Nicosia: Grants Scheme’s 3rd Call for Applications Opens

In a significant move to boost the economy within the historic walls of Nicosia, the Department of Urban Planning and Housing of the Ministry of Interior has unveiled the 3rd call for applications for its Grants Scheme. This initiative, part of the broader Action Plan for the Regeneration and Revitalization of the Walled City of Nicosia, is set to inject €2 million into supporting entrepreneurial ventures in this culturally rich area.

With a focus on stimulating economic activity, the scheme offers financial aid to individuals and entities that are either owners or lessees of buildings, as well as tenants of Turkish Cypriot properties—with the necessary consents. The lease meaning in this context extends beyond mere rental agreements; it signifies a partnership between the city and businesses to foster growth and development. The lease definition here encompasses a commitment to revitalizing the local economy.

The scheme’s objectives are multifaceted. They aim to draw new businesses into the heart of Nicosia, encourage relocation and expansion of existing enterprises, and improve the social and economic fabric of the area. By doing so, it hopes to contribute to sustainable development and create job opportunities, while also enhancing the built environment through green initiatives. The question of what is a lease takes on a new dimension within this scheme, as it represents a gateway to opportunity and community enhancement.

Funded by the State Budget of the Republic of Cyprus, the scheme has allocated a generous €10 million over five years, with this year’s call accounting for €2 million. Grants will cover 60% of eligible expenses per project, up to €80,000. Applications for this round are accepted electronically until November 29, 2024, through the official submission portal.

Eligibility criteria and application requirements are detailed in the Grants Scheme Guide, available on the Ministry of Interior’s website. For further information or assistance, Elena Herodotou at the Department of Urban Planning and Housing is available to guide potential applicants through the process.

This initiative represents a significant step towards realizing the vision of a vibrant and economically robust Nicosia, with the lease playing a pivotal role in this transformative journey.