The financing of
most IT progress within the Republic of Cyprus is from the governmental
body. They support various research projects through an independent organization
called the Programme of the Research Promotion Foundation. This foundation
publishes a list of defined topics for which proposals across the island
are written requesting funding for their specific project. Roughly one
out of every five projects is granted funding. In the year 2000, 700,000
Cypriot pounds were set aside for this program compared to a total of
95.6 million Cypriot pounds(33)
for all national expenditures (roughly 0.7%). In order to advance the
IT area of the Cyprus community, the governmental spending should reflect
its intentions of becoming a communication hub and technology savy society.
The influx of private technology firms to the island of Cyprus will also
help to finance the future advances of IT.
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