These investments concern the economic and social development of the country and the green and digital transition, in a way that mitigates the impact of the changes on the country's economy and society.
In practice, the Partnership Agreement is an agreement between the EU and Cyprus on how the investments will be used, and works alongside the programme for the use of funds from the European Regional Development Fund (ERDF), the Cohesion Fund, the Fair Transition Fund (FTT) and the European Social Fund+ (ESF+).
The agreement covers the Republic of Cyprus' "THALIA 2021-27" programme, which is the one adopted in Nicosia, and the programme for the European Maritime and Aquaculture Fund, and four cross-border cooperation programmes (INTERREG).
In particular, the funds are foreseen to be allocated as follows. 387 million from the ERDF for the green transition, i.e. investments in energy efficiency, renewable energy and carbon reduction, as well as in the development of the circular economy, biodiversity conservation and adaptation to the effects of climate change (such as floods and fires).
€147 million (allocated by Cyprus) for digital switchover, including for digitisation of SMEs and connecting national research and innovation systems with enterprises.
€101 million from the TDM in the area of energy transition, including for strengthening energy transmission and distribution systems to enable the use of storage technologies and the transition to renewable energy sources. Plans also include the establishment of a "Green Technical School" in Nicosia for re-skilling and upgrading of skills.
EUR 222 million from ESF+ will be used for policies related to the labour market, skills development and strengthening social cohesion, inter alia by improving the relevance of education/training to the labour market, restructuring social welfare services and combating social exclusion (EUR 87 million). €87 million will be spent specifically in this area)
€38.3 million from the European Maritime and Fisheries Fund will be invested to promote sustainable fisheries and the restoration and conservation of aquatic biological resources, sustainable aquaculture, the development of local coastal fishing communities and the implementation of international ocean governance.
Source: CNA
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