The Council of Ministers approved the announcement of an incentives plan for investments in the enrichment and upgrading of the island’s tourist product.
According to an official announcement released yesterday, the available budget of the Public Expenditure (National and EU funds) for the payment of the subsidies stands at €13 million.
At a meeting held on October 29, the Council of Ministers authorized the Minister of Commerce, Antonis Paschalides, to approve possible amendments of the incentives plan after a proposal by the Board of Directors of the Cyprus Tourism Organization.
The incentives plan aims to support the private investing initiatives via the granting of incentives.
This effort intends to enrich and differentiate the tourist product with the development of special products and to change the existing hotels.
The plan will be co-financed by the European Fund of Regional Growth within the framework of the “Productive Environment” of the business program “Growth and Competitiveness” 2007 – 2013.
According to an official announcement released yesterday, the available budget of the Public Expenditure (National and EU funds) for the payment of the subsidies stands at €13 million.
At a meeting held on October 29, the Council of Ministers authorized the Minister of Commerce, Antonis Paschalides, to approve possible amendments of the incentives plan after a proposal by the Board of Directors of the Cyprus Tourism Organization.
The incentives plan aims to support the private investing initiatives via the granting of incentives.
This effort intends to enrich and differentiate the tourist product with the development of special products and to change the existing hotels.
The plan will be co-financed by the European Fund of Regional Growth within the framework of the “Productive Environment” of the business program “Growth and Competitiveness” 2007 – 2013.
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