Europe

Cyprus Equity Fund Milestone for Innovation

The agreement between start-ups and the European Investment Fund to manage new financial products to support innovation is seen as a milestone in government efforts to strengthen alternative lending.

Treasury Minister Constantinos Petrides said his ministry has long been working on the introduction of financial products with equity finance.

The Cyprus Equity Fund is the first publicly funded equity fund.

“Our goal is to support the emerging and promising innovation ecosystem where the Cyprus Equity Fund has already recorded strong growth rates in research and innovation investment and strong international scientific cooperation,” Petrides said. Is to provide. “

According to the Treasury, the fund will also facilitate early development Venture capital market By providing local and international venture capital with the opportunity to operate and invest in Cyprus.

Petrides said the government’s commitment and confidence in the project is evident in the increase in initially approved support by € 10 million to a total of € 30 million.

The Equity Fund is part of Cyprus’ National Resilience and Recovery Plan.

“This amount is complemented by private capital.

“Because utilizing private resources is one of the fund’s main objectives and essential to its long-term success, we have set high standards for private investors to participate in the fund. . “

According to Petrides, the funds created will follow the EIB’s European Investment Fund calling process, leveraging the market expertise of interested parties to support innovative entrepreneurship with the required initial and subsequent investments. Appropriately address equity finance gaps.

It benefits emerging and growing Cyprus start-ups and the innovation ecosystem traditionally driven by government grants, angel investors, incubators and accelerators.

Entrepreneurship and the contribution of innovation to economic prosperity have grown with the shift of the world economy to mode of production, where knowledge has become an important input.

“The challenges of the knowledge economy are very important for growth.

“With a lively entrepreneurial spirit SME development It is one of the most important conditions for successfully addressing the challenges of the ever-evolving world economy.

“The Covid crisis has a silvery backing. It has accelerated and boosted EU support for a green and digital economy, primarily expressed through Resilience and Recovery Facilities and the InvestEU Initiative.”

 

post Cyprus Equity Fund Milestone for Innovation First appeared Financial mirror..

https://www.financialmirror.com/2022/05/04/cyprus-equity-fund-milestone-for-innovation/ Cyprus Equity Fund Milestone for Innovation

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