<p>NICOSIA, Cyprus — 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.</p>
<p>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.</p>
<p>“The plan, ‘Cyprus — The Next Day’ is a courageous step forward and a new and necessary development model for the future,” Anastasiades told reporters.</p>
<p>“It’s the road map for the post-COVID-19 era," he said.</p>
<p>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.</p>
<p>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.</p>
<p>Although short on details, Anastasiades offered several examples of how the plan will unfold.</p>
<p>For instance, the plan foresees modernizing and upgrading all public and private hospitals including purchasing new medical equipment. </p>
<p>On promoting environmentally-friendly energy generation, the plan includes making schools and public buildings more energy self-sufficient through the installation of photovoltaic panels, funding programs to encourage small and middle-sized businesses to become less energy wasteful and developing a grid for the use of electric cars. </p>
<p>Research and development will receive a boost, red tape will be cut by simplifying online procedures to obtain business and other licenses, local government will be streamlined, and the tourism sector, which directly contributes 13% to the Cypriot economy will be reenergized.</p>
<p>Anastasiades said authorities will redouble their efforts to root out corruption as his government has faced much criticism over its maligned citizenship-for-investment program.</p>
<p>The investment program which required wealthy investors to sink at least 2.5 million euros into the Cypriot economy to obtain a passport was scrapped last year when an undercover news report exposed a top lawmaker and the parliamentary speaker allegedly promising to circumvent the program’s rules for a fictitious Chinese investor convicted of fraud.</p>
<p>Cyprus goes to the polls May 30 to elect a new parliament, although the election will have no bearing on Anastasiades’ presidential tenure which ends in 2013. </p>
