The Cyprus Equity Fund, established by the Cypriot government in collaboration with the European Investment Fund, is set to kick off its first investments with a total budget of 37.5 million euros. The fund aims to fill the financial gap in the areas of entrepreneurship and innovation.

The Bank of Cyprus has pledged its support to the Cyprus Equity Fund, contributing €2 million as a founding investor. This initiative, spearheaded by the Ministry of Finance, will focus on investing in innovative and early-stage Cypriot companies to support the local market.

With a funding agreement in place with the EIF, the Cyprus Equity Fund will be overseen by them. The target size of the fund is €37.5 million, with a €27 million contribution from the state and the rest from private capital. This investment is largely financed through the national Recovery and Resilience Plan.