EU Backs Cyprus Reform with Asset Management and Guarantees

EU Boosts Cyprus with Reform Support Projects

In a significant move to bolster Cyprus’s economic and administrative infrastructure, the European Union has announced a comprehensive support package. The initiative includes the establishment of an asset management office, a strategic step that will enhance the country’s financial management capabilities. This development is part of a broader series of reform support projects under the Technical Support Instrument (TSI), which aims to fortify the resilience and modernization of EU member states.

Among the 12 projects approved for Cyprus, half are tailored to address the country’s specific needs, while the remaining six are part of multi-country projects. These reforms span a diverse array of sectors, from the structural review of the Cypriot Presidency to the improvement of the Cypriot deposit guarantee scheme, indicating a holistic approach to bolstering the nation’s governance and financial systems.

Furthermore, the creation of the deputy ministry for migration and asylum reflects the EU’s commitment to assisting Cyprus in managing migration flows effectively and humanely. The Commission’s approval also extends to projects aimed at reforming and enhancing civil protection systems, supporting the digitalization of law-making processes, and establishing a government program coordination secretariat.

The six multi-country projects will also provide Cyprus with additional support in areas such as gender mainstreaming in public policy, combating tax evasion, and promoting mental health among youth. These initiatives demonstrate the EU’s dedication to addressing contemporary challenges through collaborative efforts.

Overall, these reforms underscore a concerted effort by the EU to support Cyprus in its journey towards greater competitiveness and resilience. By covering a wide range of areas, including the application of Artificial Intelligence and the implementation of the Green Deal Industrial Plan, the EU is ensuring that Cyprus is well-equipped to face future challenges and opportunities.

reform support projects
The EU backs Cyprus in enhancing its asset management sector, focusing on regulatory reforms to bolster transparency, improve investment frameworks, and strengthen anti-money laundering measures. This support underscores efforts to elevate the sectors competitiveness and integrity on an international scale.

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