NICOSIA, Cyprus (AP) — Cyprus’ president on Monday unveiled a 4.4 billion-euro ($5.34 billion) economic stimulus plan, which he described as the “most ambitious ever” in the country’s 61-year history as an independent republic.
Nicos Anastasiades said the five-pronged plan is projected to add another 7% to the gross domestic product over the next five years and at least 11,000 new jobs in the European Union-member country with a population of approximately 875,000.
“The plan, ‘Cyprus — The Next Day’ is a courageous step forward and a new and necessary development model for the future,” Anastasiades told reporters.
“It’s the road map for the post-COVID-19 era,” he said.
Anastasiades said the plan would draw 1.2 billion euros in funding from the EU-approved Recovery and Resilience program, 1.8 billion euros from the EU’s Structural and Investment Funds as well as a projected 1.4 billion euros in private investment or collaborations between the private and public sectors.
The plan will channel funding to five broad areas — public health, boosting the “green” economy, bolstering competitiveness, conversion into a digital economy and investing in human capital.
Although short on details, Anastasiades offered several examples of how the plan will unfold.