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Home News Economy

Amendments to the “Save – Upgrade in Business” measure approved

Famagusta News by Famagusta News
29/10/2024
in Economy
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With a budget of 19 million euros and a duration of application until December 31, 2026, the amendments were approved in relation to the Support Measure "Save - Upgrade to businesses and other entities", and beneficiaries of the Measure are new or existing small and medium enterprises (SMEs).

As noted in an announcement by the Ministry of Energy, Trade and Industry, the Measure constitutes the second invitation of the existing Measure, the implementation of which required adaptation with the amendments to its legal basis of the state aid rules, i.e. Regulation (EU) 651/ 2014 of the Commission.

Furthermore, the Measure aims at energy efficiency measures in existing buildings, as well as in existing facilities, infrastructures and production units that currently have high energy consumption, with the aim of achieving a reduction of primary energy consumption by at least 30%.

Additionally, within the framework of the Measure, de minimis aid is granted based on Commission Regulation (EU) 2023/2831 on de minimis aid to non-profit organizations, which will proceed with investments in areas where they do not carry out economic activity, to SMEs for the new category of eligible costs of Measure G – New Machinery/Equipment and as a possibility to add to all categories of eligible costs the aid granted on the basis of Regulation (EU) 651/2014 for investments in mountainous and disadvantaged areas.

The budget of the Measure for de minimis aid is €5 million. De minimis aids can be granted until 31 December 2030.

Source: KYPE

Tags: "Save - Upgrade in business"amendments
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