Cyprus' cabinet approves 300 mln euros for new jobs

The Cyprus' government announced a 300 million euros stimulus package aimed at creating jobs and boosting the construction, housing and energy sectors as CNA reported. The package, approved by the cabinet yesterday, will be funded by the proceeds of the second hydrocarbon licensing round and the European Investment Bank. ''It includes programmes to improve the potential of unemployed people to find work... (and) assistance to small and medium businesses (SMEs), the backbone of the Cypriot economy,'' which are suffering due to lack of funding from banks, government spokesman Stefanos Stefanou said. The package is also aimed at boosting construction, renewable energy sources, research and education.