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The approval of the map Cyprus' regional aid map for the period 2022 to 2027 was announced on Monday by the Commission under the revised regional state aid guidelines (RAG) recently adopted by the Commission.
The Cyprus regional aid map identifies the regions of the country eligible for regional investment aid and also sets out the maximum aid each eligible region is entitled to receive as a percentage of eligible investment expenditure.
According to the revised guidelines, regions covering 49.46% of Cyprus will be eligible for regional investment aid under the derogation of Article 107(3)(c) TFEU (the so-called 'c' regions).
In particular, as part of its efforts to address regional disparities, Cyprus has designated a so-called "non-defined area 'c' region", which in practice consists of 359 municipalities (with a total population of 413.225 inhabitants) covering 49,17 % of the country's population.
In this area, the maximum aid rate for large enterprises is 15 % of eligible investment costs, based on a GDP per capita below 100 % of the EU-27 average. This maximum aid may be increased by 10 percentage points for investments by medium-sized enterprises, and by 20 percentage points for investments by small enterprises, for their initial investments with eligible expenditure up to EUR 50 million.
The regional aid map for Cyprus falls within the framework of the relevant revised regional aid guidelines ("RAG") applicable from 1 January 2022 until 31 December 2027.
The revised RAG allows Member States to They also provide increased possibilities for Member States to support the green and digital transition in regions facing transitional or structural challenges, such as population decline.
At the same time, adds a communication, the revised RAGs provide for strong measures to prevent the use of public funds to encourage the relocation of jobs from one EU Member State to another, in the context of protecting fair competition in the single market.
Source: CNA
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