A spotlight on the 'THALIA 2021-2027' seven-year Cyprus development investment programme

The EU's Cohesion Policy is the driving force for sustainable development and the strengthening of entrepreneurship and the economy.

Its implementation over the last two decades has contributed decisively to the carrying out of important development projects and reforms in Cyprus, which would not have been possible to undertake exclusively with national resources.

From emblematic development projects to social inclusion and support programmes for vulnerable groups, the projects of the Cohesion Policy Programs upgrade the quality of life of citizens, laying the foundations for a better future.

Currently, the THALIA 2021-2027 Cohesion Policy Programme (https://thalia.com.cy/) is in full implementation , a strong seven-year investment plan that targets the real needs of Cyprus, based on the priorities set by the EU.

Over €500 million has already been allocated through the Programme, covering approximately 30% of the available resources. More than 100 projects are currently underway/completed, with THALIA co-financing.

Objectives and priorities

The THALIA 2021-2027 Cohesion Policy Programme, the name of which an acronym for 'Foundations for Change, Prosperity, Equality and Development in Greek and which refers to the verb "thallo" (to flourish/thrive/prosper/prosper), was approved by the EU in 2022, with a total budget of €1.8 billion, of which €969 million is an EU contribution and €842 million comes from national resources.

This is the largest funding that Cyprus has received so far, compared to previous programming periods.

The Programme adopts the five main objectives of the Cohesion Policy set by the EU for the programming period 2021 - 2027. Emphasis is given to projects focusing on energy and the environment with a total cost of over €800 million, while the support of small and medium-sized enterprises, digitalisation, research and innovation is also a key priority, with projects exceeding €300 million.

Funding for the promotion of employment, education and training of human resources, as well as for the fight against poverty and social exclusion exceeds €400 million, while over €150 million is invested in local development through projects implemented by Municipalities and local authorities.

It is also planned to use €30 million in projects focusing on trans-European transport networks.

Multiple benefits by 2029

The projections for the real impact of THALIA on the economy in the coming years are impressive. By 2029, the Programme's investments are expected to increase GDP by 6% and create 8,500 new jobs.

More specifically, by 2029, approximately 3,000 unemployed people will benefit from subsidised employment plans, 6,400 young people will benefit from training and labour market integration programs, 5,000 disabled people will benefit from new social integration services. 22,000 new users per year will be served by the modernised public transport system (smart stops/shelters and the purchase of electric buses). 130,000 people will be connected to the improved public water supply network and thousands of cubic meters of water will be saved through the installation of smart water metres.

The Programme's investments will increase the use of Renewable Energy Sources in the national energy mix, reaching 30%.

In addition, more than 2,000 businesses will receive support, while 900 new research jobs will be created. 100,000 people will benefit from flood protection projects and approximately 90,000 people from fire protection projects.

Through the digital upgrade projects, at least 133,000 users of the new upgraded public digital services, products and processes are expected to benefit, while through the residential energy upgrade project, approximately 4,000 households will benefit.

As part of local development projects, 45,000 people will have access to new or upgraded green infrastructure.

Additionally, 185 school units will benefit from school and social integration actions for pupils.

Finally, the creation of emblematic projects, such as the construction of the Cyprus University of Technology's Department of Hospitality and Tourism Management, the renovation of the old GSP stadium, the Research Laboratories of the University of Cyprus' Faculty of Engineering, the creation of Zero Energy Consumption Schools, the upgrading of Public Transport infrastructure and the purchase of Electric Buses, significantly improve access to modern and upgraded infrastructure.

(Source: InBusinessNews)