Insider Economy Cabinet gives green light to Shipping Deputy Ministry for ship upgrading plan

Cabinet gives green light to Shipping Deputy Ministry for ship upgrading plan

The Cabinet authorized on Monday the Shipping Deputy Ministry to come up with a De Minimis plan that will allow ship companies, which carry over one and a half million tourists per year, to upgrade their vessels.

Shipping Deputy Minister Natasa Pilides told the press after the Cabinet’s meeting that upgrading will allow vessels to reduce pollutants to the benefit of the environment and will also allow them to provide assistance to passengers with mobility issues so that they can have access to the ships. The upgrade plan will also improve safety in coastal shipping.

The plan will come into force in September 2019 and would amount to one million euros per year for a duration of three years. Pilides said that companies will submit their applications which will be assessed during the year. She added that approximately hundred ships carry over one and a half million tourists per year.

The plan must be approved by the Office of the Commissioner for State Aid Control.  The plan provides for 60% de minimis aid based on eligible costs.

(Cyprus News Agency)

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