Source: cyprus-mail
State Aid Commissioner Stella Michaelidou has approved a state grant to Plug and Play Cyprus Innovation Centre to cover its operational costs, among other expenses.
According to an announcement released this week, the decision, issued on April 9, concerns a state aid measure for Plug and Play Cyprus Innovation Centre, aimed at supporting its ongoing operations through public funding.
Specifically, Michaelidou approved the measure to cover operational expenses including staff salaries and administrative costs, as well as promotional activities and specialised services.
The funding will also support the purchase of services from mentors and experts affiliated with Plug and Play Cyprus, along with other professional support functions.
According to the announcement, the Research and Innovation Foundation (RIF) has been designated as the competent authority responsible for implementing the measure.
The measure is structured through a funding agreement between the foundatoin and Plug and Play Cyprus, including all associated annexes.
It is intended to contribute to the strategic objective of establishing Cyprus as a leading innovation hub in the Eastern Mediterranean.
This objective will be pursued through three core service pillars, namely business acceleration programmes, corporate innovation services and services for research organisations.
The measure provides incentives in the form of direct grant funding for coordination and operation of the innovation centre.
These funds will support activities related to facilitating collaboration and information exchange, as well as the provision of specialised and tailored business support services.
Additional funding will be allocated to promoting the innovation centre to attract new businesses and organisations, and to enhance the visibility of the broader innovation ecosystem.
The grant will also cover management of the centre’s facilities, alongside the organisation of professional training programmes, workshops and conferences.
These initiatives aim to strengthen knowledge dissemination, networking and international cooperation, according to the announcement.
The sole beneficiary of the measure is Plug and Play Cyprus, which will receive the funding under the approved framework.
The legal basis at European Union level is the Commission Regulation (EU) No 651/2014, which declares certain categories of state aid compatible with the internal market under Articles 107 and 108 of the Treaty.
The regulation applies for the period from July 1, 2014 until December 31, 2026.
The decision, identified as Decision number 481, will be published on the website of the Office of the State Aid Commissioner.
It has already been published in the Official Gazette of the Republic dated April 17, 2026, the announcement concluded.