Filenews 22 April 2025
The new "THALIA2021-2027" program opens a new era of development and social cohesion in Cyprus. With investments of €1.8 billion, Cyprus is entering a dynamic new phase of developments, aiming at the green and digital transition, local development, employment and social inclusion.
Recognizing the positive legacy of the previous period, the new Program utilizes and capitalizes on this experience as a basis for even more targeted and efficient investments. The 2014-2020 programmes contributed, among other things, to the creation of 24,000 new jobs and a cumulative increase in Cyprus' Gross Domestic Product (GDP) of about 6%.
During this period, our country won the first place in the absorption of EU funds among other 27 European countries, utilizing funding from the EU Cohesion Policy Funds of the order of €880 million. With the national contribution, total public investment in this period amounted to €1 billion. Through the co-financing of investments in key sectors, such as infrastructure, innovation, entrepreneurship and employment, the Programmes have contributed decisively to upgrading the daily lives of citizens and enhancing the competitiveness of the Cypriot economy, creating major development projects, actively supporting vulnerable social groups, encouraging young potential entrepreneurs, enhancing employment, education and social inclusion and contributing to the development of green energy and R&D
With the co-financing of the EU, a large number of emblematic projects have been implemented with a substantial imprint on the daily lives of citizens and the national economy. In Nicosia, through the Cohesion Policy Programmes, projects such as the redevelopment of Eleftherias Square and the Makarios-Stasikratous-Evagorou Commercial Triangle, the upgrade of Aglantzias Avenue and the urban bus transfer station in Solomos Square, the restoration of the Nicosia Municipal Theatre etc.
Among other things, in Larnaca he contributed to the construction of the city's traditional municipal market, the redevelopment of the Municipal Garden and the creation of the Creativity and Culture Multi-Purpose Space, in Paphos the restoration of Ibrahim's Chania, the redevelopment of Kennedy Square and the traditional commercial center of the city and in Limassol to the construction of the vertical road of the Limassol Port and the upgrading of the port. Other important projects include the creation of the "Stelios Ioannou" library of the University of Cyprus, which is a state-of-the-art research center with technological infrastructure, the development of the GHS IT system, the creation of the Green Points network throughout Cyprus, etc.
After the successful completion of the 2014-2020 period, Cyprus has entered the new era with the implementation of the "THALIA2021-2027" Programme. The Horizon was adopted by the European Commission in July 2022, with a total budget of €1.8 billion, of which €969 million. They come from European funding and the rest from the state budget. This is the largest funding Cyprus has received since its accession to the EU in 2004.
6% GDP growth and 8,500 new jobs
Predictions of the real impact of "Thalia" on the economy in the coming years are considered impressive. By 2029, the program's investments are expected to bring about a 6% increase in GDP and create 8,500 new jobs. The "THALIA2021-2027" program is already proceeding with the implementation of important projects in all provinces of Cyprus. From the energy upgrade of school units and the enhancement of the energy efficiency of homes and public buildings to local development projects, support for youth entrepreneurship and social inclusion, the program aims at solid foundations for prosperity, equality and development.
So far, around €600 million has been deployed, with over 100 projects in progress or completed, while by the end of 2029 around 160 projects are expected to be implemented with the amount reaching €1.8 billion.
