EU Backs Reform Efforts to Strengthen Cyprus Economy

EU Backs Comprehensive Reforms in Cyprus

In a significant move to bolster Cyprus’s administrative and economic landscape, the European Union has announced its support for a series of reform projects under the Technical Support Instrument (TSI). Among the initiatives, the establishment of an asset management office stands out as a key development for the country’s financial sector.

These reforms are part of a broader effort by the Commission to enhance member states’ competitiveness and modernization. The EU’s commitment extends to areas such as the application of Artificial Intelligence, the Green Deal Industrial Plan, gender equality, brain drain mitigation, and mental health care services for the youth.

The Commission has approved twelve projects specifically tailored to Cyprus, which include:

  • A new asset management office to optimize the country’s financial assets.
  • The formalization of the Secretariat for the Coordination and Support of the Government Programme (SCSGP) alongside a structural review of the Cypriot Presidency.
  • Improvements to the operational functions of the Cypriot Deposit Guarantee Scheme.
  • Reforms aimed at developing and enhancing the civil protection system.
  • Support for the newly established Deputy Ministry of Migration and Asylum.
  • Technical assistance for digitalizing the law-making process through an e-legislation platform.

Additionally, Cyprus will participate in six multi-country projects that address various issues:

  • Integrating gender mainstreaming into public policy and budgeting processes.
  • Building capacity to combat aggressive tax planning.
  • Enhancing strategies to prevent and fight irregularities and fraud affecting EU financial interests.
  • Combating bid rigging in public procurement to improve compliance and competition.
  • Promoting youth mental health by addressing online gambling and gaming risks.
  • Strengthening the National Preventive Mechanism against torture in collaboration with the Council of Europe.

The collective effort of these projects is expected to significantly contribute to the resilience and strategic advancement of Cyprus, aligning it with EU-wide objectives for sustainable growth and social welfare.

reform support projects
The EU backs reforms in Cyprus focusing on enhancing digitalization, streamlining public services, fostering green energy investments, and improving fiscal policies to stimulate growth, innovation, and sustainable development.

Can EU reform support projects boost Cypruss economy?

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