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The Cyprus Equity Fund To Boost Innovation Ecosystem, FinMin Says
May 5, 2022
The Ministry of Finance has long been committed to introducing a financial instrument to support startups and innovative companies with equity financing, Finance Minister Constantinos Petrides has said, adding the agreement with the European Investment Fund to manage this new financial instrument is of paramount importance and a significant milestone in the government's efforts to enhance alternative financing.
In an address at an event to present the Cyprus Equity Fund, the first equity fund in Cyprus to be supported by public funds, which was delivered by the Ministry's Permanent Secretary George Panteli, Petrides said “our aspiration is that the Cyprus Equity Fund will provide the necessary boost for Cyprus' emerging and promising innovation ecosystem, which already records in the last few years robust growth rates in research and innovation investments and strong international scientific collaborations”.