Business · Cyprus
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19 July
Christiana received commendations for her role in the new organization.
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Generated by AI from the 7 sources below · always verify with the originals
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AI-synthesised from 7 sources · no editorial bias
On July 14, 2026, the Cypriot Parliament unanimously approved the establishment of the Cyprus Business Development Organisation (ΚΟΑΕ) during an extraordinary session. This new legal entity aims to facilitate access to financing for small and medium-sized enterprises (SMEs) and startups in Cyprus, which has been identified as a significant need in the local business landscape.
The funding for this initiative includes a substantial contribution of 60 million euros from the European Union, intended to support the operations of the new organization. The positive reception from various stakeholders, including the Cyprus Chamber of Commerce and Industry, highlights the expected impact of this organizational reform on improving financial access for entrepreneurs and fostering business development in the region.
While the legislation received broad support, a joint amendment proposed by opposition parties to allow medium enterprises to secure up to 20% of the total funding was rejected. The approval of this law signifies a proactive step towards strengthening the support system for SMEs in Cyprus.
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