An organised business body is raising serious questions over the way the Research and Innovation Foundation (RIF) is handling funding proposals for a €10 million programme, Philenews reports.

Specifically, the Cyprus Association of Research and Innovation Enterprises (CARIE) are questioning the terms of “DISRUPT” Programme’s call for proposals accusing RIF of “favourable treatment of certain enterprises”.

In a letter dated January 1, 2023, CARIE’s head Nicolas Mastrogiannopoulos the terms of the specific programme have to be reviewed promptly.

Because they seem to violate principals of “equal treatment and healthy competition” as well as “favourable treatment” of certain enterprises.

The call budget for the programme, announced on January 20 is €10.000.000 and the maximum funding per project is €1.500.000. The submission of proposals deadline is March 23, 2023.

RIF’s website says «DISRUPT» Programme aims to connect enterprises which develop cutting-edge innovations with the potential to create new or disrupt existing markets, with Venture Capitals who will support the further development and scale-up of these enterprises in international markets.

Through the Programme, the RIF funding – grant will be combined with the VC investment, with the aim to support the successful penetration of beneficiaries in the international markets, and as result to enhance the competitiveness and resilience of the Cypriot economy.

The present Call will be financed by the Recovery and Resilience Facility of the NextGenerationEU instrument and entities eligible to participate in this Programme are small, medium, or large enterprises.