Cyprus Ministry of Agriculture prepares new financing tool for farmers

Cyprus Minister of Agriculture Christos Senekis has announced the imminent launch of a new financial instrument for the agricultural sector. It is intended to make it easier for farmers to access funding and support investment in sustainable agriculture.

The minister spoke on Saturday in the village of Agros at an event dedicated to women’s contribution to the development of rural areas. He gave no details about how the instrument would work. In August, Senekis said that such a mechanism would be introduced in Cyprus for the first time: farmers whose projects are approved under the EU Common Agricultural Policy Strategic Plan will be able to obtain working capital from participating banks on more favourable terms.

According to the minister, interest in investing in the sector remains strong. More than 1,200 applications have been submitted for the latest major investment programme, seeking almost €200 million, while a further 267 applications were received under the programme for those setting up their own farms for the first time. “The figures show that, despite the difficulties facing the primary sector, interest in new investment and the modernisation of the sector remains strong,” Senekis said.

In total, the 2023–2027 Strategic Plan provides €454 million for investment, farm modernisation and support for new farmers. Of this, €373 million is EU funding.

The minister also highlighted the role of women in the rural economy. The LEADER local development programme awards additional points to projects involving women, for example in agrotourism and traditional crafts. According to Senekis, women have always taken part in every stage of agricultural work, “but their contribution was not counted as economic activity and did not receive due recognition”.

On 8 October, the Ministry of Agriculture will begin broad consultations on agricultural policy after 2027. Producers, young people and women from rural areas are invited to take part in the discussions.