**Cyprus Approves Expanded €308.4 Million Innovation Funding Scheme**
The Republic of Cyprus has taken a significant step towards enhancing its research and innovation landscape with the approval of an expanded funding scheme amounting to €308.4 million. This initiative, which builds on the existing Restart 2016–2020 programmes, was sanctioned by State Aid Control Commissioner Stella Michaelidou and aims to bolster the country’s capacity for technological development and innovation.
The revised measure, formally titled “Restart 2016–2020 Programmes for Research, Technological Development and Innovation of the Research and Innovation Foundation,” was approved following amendments to the original scheme. The announcement was made by the Office of the State Aid Control Commissioner earlier this week, highlighting the importance of this funding in supporting various sectors across the economy.
One of the key features of the updated scheme is the introduction of the Fast Track Innovation (FTI) programme, specifically designed to accelerate the development of innovative products and services in the cybersecurity sector. This initiative is intended to assist existing businesses in all sectors that are looking to invest in the rapid creation and promotion of competitive, innovative solutions on an international level.
The approved budget reflects an increase from the previously allocated €306.9 million to €308.4 million. This adjustment is part of a broader effort to expand the scope of the programme, which has already been recognized as compliant with state aid regulations under Michaelidou’s earlier decision No. 471, dated July 18, 2025.
In addition to the increased funding, the updated measure features several amendments, including revised standard cost scales for staff remuneration. Furthermore, the deadline for funding decisions under this scheme has been extended to June 30, 2027, providing a longer timeframe for beneficiaries to access the support they need.
The Restart programme is designed to be inclusive, catering to a wide array of beneficiaries. This includes research organisations, higher education institutions, scientific and professional bodies, businesses, business associations, non-governmental organisations, public services, and public utility organisations. Additionally, individuals such as academics, scientists, researchers, technical personnel, students, and pupils are also eligible to participate in the relevant programmes supported by this funding measure.
The approval of this expanded funding scheme follows a decision made by the Research and Innovation Foundation’s Board of Directors, which underscores the collaborative efforts between various governmental and institutional bodies in promoting research and innovation in Cyprus. The formal announcement of the decision was published in the Official Gazette of the Republic on July 10, 2026, and it has also been made available on the Office of the State Aid Control Commissioner’s website.
This initiative is part of Cyprus's ongoing commitment to strengthening its research and innovation capabilities, with the aim of fostering an environment conducive to the development of new products, services, and technologies. By providing financial support to businesses and researchers, the government hopes to stimulate economic growth and enhance the country’s competitiveness in the global market.
As Cyprus continues to navigate the complexities of the modern economy, the expansion of the Restart programme represents a proactive approach to addressing the challenges faced by various sectors, particularly in the rapidly evolving field of cybersecurity. The government’s investment in innovation is expected to yield significant benefits, not only for businesses but also for the broader community, as new technologies and solutions emerge from this enhanced support framework.
In summary, the approval of the €308.4 million innovation funding scheme marks a pivotal moment for Cyprus, reinforcing its dedication to fostering a robust research and innovation ecosystem that can adapt to the demands of the future.