The Research and Innovation Foundation (RIF) has launched a new €10 million funding scheme to help Cypriot companies turn innovative ideas into high-value products and services.
Known as STEP (setting up facilities and production lines for manufacturing new innovative products or services), the programme is part of a series of flagship actions unveiled by president Nikos Christodoulides in the 2025 annual governance programme.
According to the RIF, it aims to “reinforce the productive fabric of the economy through targeted support for industrial innovation“.
Open to all Cypriot businesses regardless of size, STEP provides funding of up to €2 million per project, in line with EU state aid regulations.
The focus is on sectors aligned with the EU’s Strategic Technologies for Europe Platform (STEP), specifically advanced digital technologies, clean and efficient technologies, and biotechnologies.
According to the RIF, eligible costs include the establishment of new facilities, the development of production lines for innovative products and services, and staff training.
The scheme is co-financed under the EU Cohesion Policy Programme THALEIA 2021–2027, with applications open until September 5, 2025.
“This is the first programme of its kind in Cyprus,” said Theodoros Loukaidis, director general of RIF.
“We are strategically investing in the development of the research and innovation ecosystem and supporting local industry to move from the development stage to production,” he added.
Finally, Loukaidis explained that the initiative aims to help businesses achieve tangible outcomes from innovation, “ensuring a dynamic presence in international markets.”
