EU Backs Reform and Asset Management in Cyprus Initiative

EU Backs Sweeping Reforms in Cyprus with New Projects

In a significant move to bolster Cyprus’s economic and administrative structures, the European Union has announced its support for a series of reform support projects under the Technical Support Instrument (TSI). Among the key initiatives is the establishment of an asset management office aimed at enhancing the country’s financial infrastructure.

Further strengthening of the administrative framework will come from the structural review of the Cypriot Presidency, which is expected to streamline governance. Additionally, the improvement of the Cypriot deposit guarantee scheme is set to reinforce financial stability, providing a safety net for depositors and boosting consumer confidence in the banking system.

The creation of the deputy ministry for migration and asylum addresses Cyprus’s strategic need to manage migration flows effectively and humanely, reflecting the EU’s broader commitment to social issues.

A total of 12 projects have been earmarked for Cyprus, which also include the formal establishment of the Secretariat for the Coordination and Support of the Government Programme (SCSGP), reforming the civil protection system, and enhancing digitalization in law-making through an e-legislation platform.

The EU’s commitment extends beyond Cyprus’s borders with six multi-country projects. These projects aim to promote gender equality, combat aggressive tax planning, and protect the EU’s financial interests against fraud. Furthermore, they seek to prevent bid rigging in public procurement, address mental health challenges among youth related to online gambling and gaming, and support the National Preventive Mechanism against torture in collaboration with the Council of Europe.

The approved reforms span a wide range of areas, from leveraging Artificial Intelligence in businesses and public administrations to implementing the Green Deal Industrial Plan. These initiatives underscore the EU’s dedication to fostering competitiveness, resilience, and modernization across member states.

reform support projects
The EU backs Cyprus in various reforms aimed at enhancing public administration efficiency and justice system effectiveness. Key among these is the establishment of a fully independent Anti-Corruption Authority to tackle corruption more robustly.

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