€1.8 BILLION SET ASIDE FOR DEVELOPMENT PROJECTS IN CYPRUS
WHAT IS THE THALIA PROGRAM?
IMPROVING & MODERNISING THE LOCAL ENVIRONMENT
The Cyprus Thalia Program is an initiative that uses a cohesion policy framework and different national resources to drive economic growth, digital transition, and social inclusion. With this in mind, the project’s main aims are to enhance the social integration of all residents across the island. The scheme is also aiming to improve and modernise the local environmental and digital landscape across Cyprus. It is doing this by focusing on enhancing SME competitiveness, research, green energy, and job creation.
EUROPEAN FUNDING
The scheme, which is made up of several smaller projects, is primarily being funded by the European Union. This makes this the largest European Union subsidy that Cyprus has received so far. The rest of the funding is being made available from the Cypriot national budget.
NEW EMPLOYMENT OPPORTUNITIES
This initiative as a whole is also increasing employment opportunities across the island. It is doing this by putting a series of local developments in place across the island. The 8,500 new jobs is projected to boost CYPRUS GDP by at least 6%.
KEY ASPECTS
Funding and Goal: With a total budget of €1.8 billion, the program is aiming to create sustainable development, research, and innovation.
Focus Areas: Key investment sectors include SMEs, energy efficiency, digitalisation, environmental protection, and social cohesion.
Projected Impact: The programme is expected to fund over 160 projects, directly benefitting roughly 2,000 businesses and supporting 900 new research posts by 2029.
Economic Growth: The scheme is offering grants for new start-ups and SMEs to enhance competitiveness and digital transition.
Employment and Social Welfare: The initiative will also provide support for youth employment, training for unemployed individuals over 50, and social welfare, including child care and disability services.
Environment: Key areas of investment include renewable energy, water management, and climate adaptation.
Implementation: Although the program is being managed by the Cypriot government, organisations such as the Human Resource Development Authority, which is providing training initiatives, are also heavily involved.
LARNACA EMBRACES THALIA
A SERIES OF WORKS FOR LARNACA
The city of Larnaca has fully embraced the Thalia Project and all it has to offer. A budget of up to €220 million has been earmarked to benefit the city overall, transforming the daily lives of all of its residents. Up to 20 smaller projects will include several works to take place in and around the city. It is hoped that this will offer multiple benefits and opportunities to the local community and its economy.
THE REDEVELOPMENT OF THE PATTICHIO PARK AREA
The Pattihio Park area is to receive up to €6 million for its redevelopment. A new botanical garden, along with a small open space for events, is to be installed. It is hoped that this will help to create an active entertainment zone within the park. The new works will also include a new café restaurant and a children’s playground.
THE REGENERATION OF STREETS & SQUARES
Several works to improve the urban centre of Larnaca are to take place. Up to €11 million will be invested in the regeneration of Larnaca’s streets and public squares. These works include the rehabilitation of Zouhouri Square, which is expected to be completed by late 2026. This program will also include the improvement and reconstruction of existing roads. As well as this, pavements are to be widened, and the current rainwater system is to be upgraded. The installation of new electronic information points, along with the upgrade of current street lighting, will also take place. New road signage, along with new traffic arrangements, is also being considered, with a view to improving traffic flow in the urban centre. Another €4 million will also be invested in the redevelopment of the Acropolis and Alki Squares, along with their surrounding streets.
A NEW MULTIFUNCTIONAL PARK IN TSIAKKILERO
A new multifunctional park in the ‘Tsiakkilero’ area is to be constructed. The new project, which is estimated to cost over €2 million, will oversee the creation of a new green area. The park will also benefit from a new children’s playground and a series of new sports facilities. A refreshment area, walking and cycling routes, a dog park, and a small outdoor amphitheatre are also to be installed.
A NEW MUNICIPAL NURSING HOME
A new Municipal Nursing Home for Larnaca residents is to be constructed. Costing up to €6 million, the new facility will accommodate up to 48 residents at any one time. The new modern building will consist of 22 double and 4 single rooms, a doctor’s office, a recreational area, a kitchen, a dining room, and a staff office.
