EU to support establishment of asset management office in Cyprus

The EU will support a series of reform support projects in Cyprus, including the establishment of an asset management office in the country, the structural review of the Cypriot Presidency, the improvement of the Cypriot deposit guarantee scheme and the creation of the Deputy Ministry for Migration and Asylum.

This was according to announcements made for the projects selected by the European Commission to be implemented under the Technical Support Instrument (TSI).

The Commission approved a total of 12 projects for Cyprus, six of which are focused exclusively on the needs of the country, along with the country’s participation in another six multi-country projects, out of a total 170 project to be supported across the EU.

According to a press release, the reforms approved for support across the EU aim to strengthen member states' competitiveness, resilience, and modernisation, through reform covering a wide range of areas, including the application of Artificial Intelligence in businesses and public administrations, the implementation of the Green Deal Industrial Plan, supporting gender equality, tackling brain drain, and providing mental health care services to young people and children.

More specifically on Cyprus, the Commission approved 12 reform support projects ( https://reform-support.ec.europa.eu/our-projects/country-factsheets/cyprus_en ), six of which focus on specific needs in the country:

- the establishment of an asset management office.

- the formal establishment of the Secretariat for the Coordination and Support of the Government Programme (SCSGP) and the structural review of the Cypriot Presidency,

- the improvement of the Cypriot Deposit Guarantee Scheme’s operational functions,

- the reforming, developing and enhancing the civil protection system,

- support for the newly established Deputy Ministry of Migration and Asylum and

- follow up on technical support towards the digitalization of the law-making process through the, development, usage and support of a legislation preparation platform (e-legislation platform).

The six multi-country projects through which further reforms in Cyprus will be supported by the EU are:

- gender mainstreaming in public policy and budget processes in Cyprus,

- building capacity in Cyprus to fight aggressive tax planning,

- enhancing the National Strategy for preventing and combating irregularities and fraud affecting the financial interests of the European Union over the period 2021-2027,

- fighting bid rigging in public procurement through improving compliance and competition,

- promoting the mental health of youth by addressing the risks of online gambling and gaming and

- technical support for more effective and resilient National Preventive Mechanism against torture (NPM), in the context of a project implemented by the Council of Europe.

(Source: CNA)