Filenews 16 June 2025
With the aim of strengthening the innovation and production capacity of Cypriot businesses, the Foundation for Research and Innovation (RIF) has announced the announcement of the new funding program "STEP: Creation of facilities and production lines for new innovative products and services" with a budget of €10 million.
The program is part of the actions of the Nikos Christodoulides government, as presented in the Annual Governance Planning for 2025, confirming the will for a reform policy that promotes the strengthening of the real economy and the productive fabric of the country.
It is aimed at companies that seek to transform innovative ideas into products or services of high added value, through the development and creation of modern facilities and production lines, ensuring their industrial exploitation.
STEP is the first of its kind, a funding programme, which supports the establishment of facilities and production lines, in line with the EU's Strategic Technologies for Europe Platform (STEP) Regulation in the following areas: (a) Ultra-advanced and digital technologies. (b) Clean and efficient technologies. (c) Biotechnologies.
The total funding available amounts to €10 million, while each project can receive up to €2 million, according to the EU State Aid Regulations.
The program is addressed to all Cypriot companies, regardless of size, that wish to strengthen their production base, while covering costs such as the creation of facilities and production lines of innovative products/services and the training of personnel.
In his statements, the Director General of the RIF Foundation, Theodoros Loukaidis, noted: "With the STEP program, we are strategically investing in the development of the Cypriot research and innovation ecosystem and the local industry. We support businesses in order to move to the next decisive step, from growth to production, transforming innovation into a real business result, aiming at a dynamic presence in international markets."
The Programme can be implemented within the framework of the Cohesion Policy Programme "THALIA 2021-2027" with EU co-funding and the deadline for submission of proposals is 5 September 2025. For more information, interested parties can contact the RIF Support Service at tel.: 22205000 or by email at support@research.org.cy.
